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Economy of the Soviet Union
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The economy of the Soviet Union was based on state ownership of the means of production, collective farming, and industrial manufacturing. An administrative-command system managed a distinctive form of central planning. The Soviet economy was second only to the United States and was characterized by state control of investment, prices, a dependence on natural resources, lack of consumer goods, shortages of goods and services, little foreign trade, public ownership of industrial assets, macroeconomic stability, low unemployment and high job security. A 1986 study published in the American Journal of Public Health citing World Bank data claimed that the Soviet model provided a better quality of life and human development than most market economies at comparable levels of economic development.
