Soviet Union Economic Challenges and Achievements

The video explores the rise and fall of the Soviet economy, which was once the second largest in the 20th century. It highlights the rapid growth from 1928 to 1970 due to capital investment and industrialization, and the subsequent decline due to internal inefficiencies, resource depletion, and external pressures like the arms race. The video also addresses criticisms of the Soviet system, noting both achievements and failures, and compares it to Japan's economic trajectory.

What was a significant achievement of the Soviet economy in the 20th century?

• It became the largest economy in the world.

• It achieved self-sufficiency and rapid growth.

• It surpassed the United States in GDP.

• It avoided any economic criticism.

What was a key factor in the Soviet Union's rapid economic growth?

• Increased agricultural production

• Reduction in military spending

• Capital investment and resource reallocation

• Focus on consumer goods

What was one of the negative consequences of forced collectivization in the Soviet Union?

• Increased agricultural output

• Improved living standards

• Significant human suffering and famine

• Rapid technological advancement

What was a major reason for the decline of the Soviet economy in the 1970s?

• Decrease in military spending

• Lack of new technology and inefficiencies

• Increase in agricultural jobs

• Abundance of new technology

What economic phenomenon contributed to the Soviet Union's downfall?

• The Ricardian trap

• The Marxist expansion

• The Keynesian boom

• The Smithian cycle

What was a challenge faced by the Soviet Union due to resource depletion?

• Increased ease of resource extraction

• Decreased costs of production

• Higher costs and unproductive investments

• Abundance of natural resources

What was the Soviet Union's strategy regarding natural resources?

• Reducing resource extraction

• Relying on imports

• Achieving self-sufficiency

• Focusing on global trade

What was a consequence of the Soviet Union's focus on self-sufficiency?

• Sustainable economic growth

• Abundance of resources

• Increased global trade

• Increased costs and economic burden

What external factor contributed to the Soviet Union's economic collapse?

• The Cold War and arms race

• Increased agricultural output

• Technological advancements

• Decrease in military spending

What internal factor led to the Soviet Union's economic decline?

• Abundance of labor

• Effective central planning

• Bad decisions by the communist party

• Increase in entrepreneurship