General Economy Flashcards
when was russia the fastest growing economy in the world
1945
between 1950 and 1958 what was the average annual growth rate compared to the USA
7.1% russia
2.9% usa
what was the annual average growth rate 1958-64
5.3%
what was the average annual growth rate in 1970s
2%
what are the 6 reasons for the decline in the soviet econ
- legacy of stalinist sys
- problems with command econ
- social contract
- lack of investment
- outdated tech
- military - industrial complex
what is meant by the legacy of the stalinist system
a reliance on heavy industry
what is meant by a command econ
central control, inflexible to changes because have to wait for moscow decision, little innovation
what is the military industrial complex
both resources and labour needed for both but can only be allocated to one
what was the significance of oil production
allowed russia to keep importing grain from the west
what was the annual oil production in 1965
243 million tonnes
what was the annual oil production in 1980
603 million tonnes
what happened to international oil prices in the 1970s and why was this significant
prices increased which masked the issues of the economy
what is socialism
ideology based on belief that people should be treated equally
what is communism
ideology where there is no government, no classes, people hunt and gather together
what is capitalism
an economic systen based on free trade and private ownership of property
what is nationalisation
the process where private property is taken over by the state
what is the proletariat
class of industry workers and their families
what is the bourgeoisie
middle class
