Soviet-type economic planning

Soviet-type economic planning was a type of central planning that was used in the Soviet Union (also known as the USSR) and other socialist states. It was a system of planned economics whereby the government made decisions about how a country's resources would be used. This type of planning focused on allocating resources from the central government to different sectors of the economy - such as industry, agriculture, and services - in order to meet national economic goals. It was based on the idea that having control over resources would allow the government to better manage the economy and ensure economic growth. However, it was not very successful and caused economic inefficiency, resulting in economic stagnation and the eventual collapse of the Soviet Union.