The Economy of the Soviet Union

Summary by Krater

This video examines the economic model of the Soviet Union, analyzing the rise of socialism, the implementation of the Five-Year Plans, and the structural systemic failures that ultimately led to its collapse.

From the video

Answers: What caused the economic collapse of the Soviet Union?

• Soviet Union economics
• Socialist central planning
• Factors of production
• Five-Year Plans
• Resource allocation in socialism
• Soviet industrialization
• Economic inequality
• Causes of Soviet collapse

What it concludes

• The Soviet economic model prioritized increasing productive capacity and raw output over meeting consumer demand and improving quality of life.
• The Five-Year Plans suffered from systemic misreporting of figures, a lack of real oversight, and a lack of worker incentive.
• Resource allocation driven by political ideology rather than economic theory led to severe inefficiencies and mismanaged state budgets.
• The Soviet Union's heavy emphasis on heavy industry and quantitative output eventually led to systemic stagnation and collapse from within.