Economy
Under the Soviet system, the centralized economy of the republic banned private ownership of income producing property. Beginning in the late 1920s, privately owned farms in Armenia were collectivized and placed under the directive of the state, although this was often met with active resistance by the peasantry. During the same time (1929–1936), the government also began the process of industrialization in Armenia. By 1935, the gross product of agriculture was 132% of that of 1928 and the gross product of industry was 650% to that of 1928. The economic revolution of the 1930s, however, came at a great cost: it broke up the traditional peasant family and village institution and forced many living in the rural countryside to settle in urban areas. Private enterprise came to a virtual end as it was effectively brought under government control.
Read more about this topic: Armenian Soviet Socialist Republic
Famous quotes containing the word economy:
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)
“The basis of political economy is non-interference. The only safe rule is found in the self-adjusting meter of demand and supply. Do not legislate. Meddle, and you snap the sinews with your sumptuary laws.”
—Ralph Waldo Emerson (1803–1882)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)