the historyy Flashcards
When did the concept of a centrally planned economic system gain attention?
The concept did not receive much attention before the Russian Revolution in 1917.
Who proposed the idea of greater government control over production in Russia?
Vladimir Lenin proposed that the Russian government should take greater control of Russia’s factors of production.
What was the goal of Lenin’s proposal regarding production?
To ensure that even the poorest citizens would have access to the goods and services they needed.
What happened after the Russian Revolution in 1917?
Lenin’s ideas were implemented when he came to power.
Who further developed Lenin’s ideas into a centrally planned economic system?
Joseph Stalin further developed these ideas.
What significant change did Stalin make to the economy?
Stalin took even greater control of Russia’s economy.
By the 1930s, what was established in Russia’s economy?
A structure of centralised planning was put into place to coordinate the Russian economy.
When did the concept of a free market economy become dominant in the West?
Since the end of feudalism in the 15th century.
Who controlled the factors of production under feudalism?
Wealthy noblemen who owned all the land.
What principles became popular during the Age of Enlightenment?
The principles of freedom and liberty.
What was the impact of the rise in support for free markets?
The ideals of a market economy became dominant in most Western countries.
How have free market ideals spread recently?
Countries with previously centrally planned economies have adopted more free market ideals.
