In the period after 1900, the role of the state in the economy varied, with many states adopting policies to control or manage their economies. Develop an argument that evaluates the extent to which one or more states controlled their economies in this time period.
In the period after 1900, the State's role in the economy varied, with many states adopting policies to control or manage their economies. Develop an argument that evaluates the extent to which one or more States influenced their economies in this time.
The period after 1900 was that after the Great Depression and World War I (Harrison, 2017). Due to a vast economic crisis, governments began to take more active roles in economic lifestyle. The most famous State is the Soviet Union which utilized Marxist ideology to justify its nationalization of industry and centralized economic planning. The Soviet Union controlled the national economy by introducing Five-Year Plans that implemented these repressive policies managed by the administrative command system (Harrison, 2017). It had adverse consequences to the general population even though it saw immense industrial growth, especially in the supply of oil and gas.
Harrison, M. (2017). The Soviet economy, 1917–1991: Its life and afterlife. The Independent Review, 22(2), 199-206. https://www.jstor.org/stable/26314815?seq=1