Economic Thought and Economic Reform in the Soviet Union - Assignment Example

In light of this, it is also argued that at one particular point, Soviet Union had used them for security reasons meaning that their autonomy had a great impact (Sutela 142). How did the death of Stalin change Soviet economic policy?             After the death of Stalin in the year 1953, Khrushchev took over power in the Soviet   Union and he immediately denounced the economic policy that had been introduced by Stalin. Basically, Stalin's economic policy entailed a highly centralized command economy that revolved around the concept of socialism.

How did socialism try to compete with capitalism? Did it succeed? Apparently, the Soviet Union under the leadership of Stalin had eventually succeeded in practicing socialism as their main policy in growing their economy. As such, there was communal ownership in most of the aspects pertaining to the economy. Nevertheless, it was discovered that socialism had little effect on the growth of the economy. Thus, capitalism outweighed socialism because it had notable economic growth. It is worth noting that although capitalism was the best in relation to economic growth, it was the basis for the emergence of social classes that exist to date (Sutela 145).