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Do Publicly Owned, Planned Economies Work? | what’s left

To be clear, while capitalist economies plunged into a major depression and reliably lapsed into recessions every few years, the Soviet economy just as unfailingly did not, expanding unremittingly and always providing jobs for all. Far from being unworkable, the Soviet Union’s publicly owned and planned economy succeeded remarkably well. What was unworkable was capitalism, with its occasional depressions, regular recessions, mass unemployment, and extremes of wealth and poverty, all the more evident today as capitalist economies contract or limp along, condemning numberless people to forced idleness. What eventually led to the Soviet Union’s demise was the accumulated toll on the Soviet economy of the West’s efforts to bring it down, the Reagan administration’s intensification of the Cold War, and the Soviet leadership’s inability to find a way out of the predicament these developments occasioned.

Source: Do Publicly Owned, Planned Economies Work? | what’s left

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