what type of economic system was utilized in the soviet union
communism state ownership
title: Economy of the Soviet Union text: Economy of the Soviet Union The economy of the Union of Soviet Socialist Republics () was based on a system of state ownership of the means of production, collective farming, industrial manufacturing and centralized administrative planning. The economy was characterised by state control of investment, public ownership of industrial assets, macroeconomic stability, negligible unemployment and high job security. Beginning in 1928, the course of the Soviet Union's economy was guided by a series of five-year plans. By the 1950s, during the preceding few decades the Soviet Union had rapidly evolved from a mainly agrarian society into a major industrial power. title: Economy of the Soviet Union text: second economy in the Soviet Union. Based on a system of state ownership, the Soviet economy was managed through Gosplan (the State Planning Commission), Gosbank (the State Bank) and the Gossnab (State Commission for Materials and Equipment Supply). Beginning in 1928, the economy was directed by a series of five-year plans, with a brief attempt at seven-year planning. For every enterprise, planning ministries (also known as the "fund holders" or "fondoderzhateli") defined the mix of economic inputs (e.g. labor and raw materials), a schedule for completion, all wholesale prices and almost all retail prices. The planning process was based around title: Soviet Union text: resources and plan targets were normally denominated in rubles rather than in physical goods. Credit was discouraged, but widespread. Final allocation of output was achieved through relatively decentralized, unplanned contracting. Although in theory prices were legally set from above, in practice they were often negotiated, and informal horizontal links (between producer factories etc.) were widespread. A number of basic services were state-funded, such as education and health care. In the manufacturing sector, heavy industry and defense were prioritized over consumer goods. Consumer goods, particularly outside large cities, were often scarce, of poor quality and limited choice. Under command economy, consumers title: Economy of the Soviet Union text: of 10. Overall, the banking system was highly centralized and fully controlled by a single state-owned Gosbank, responsive to the fulfillment of the government's economic plans. Soviet banks furnished short-term credit to state-owned enterprises. There were two basic forms of property in the Soviet Union: individual property and collective property. These differed greatly in their content and legal status. According to communist theory, capital (means of production) should not be individually owned, with certain negligible exceptions. In particular, after the end of a short period of the New Economic Policy and with collectivization completed, all industrial property and virtually all title: Soviet Union text: Soviet Union The Union of Soviet Socialist Republics (USSR), commonly known as the Soviet Union, was a socialist state in Eurasia that existed from 30 December 1922 to 26 December 1991. Nominally a union of multiple national Soviet republics, its government and economy were highly centralized. The country was a one-party state, governed by the Communist Party with Moscow as its capital in its largest republic, the Russian Soviet Federative Socialist Republic (Russian SFSR). Other major urban centres were Leningrad, Kiev, Minsk, Alma-Ata, and Novosibirsk. Extending across the entirety of Northern Asia and much of Eastern Europe, the Soviet Union