Economy
Further information: Eastern Bloc economiesCollectivization in the Lithuanian SSR took place between 1947 and 1952.
The 1990 per capita GDP of the Lithuanian Soviet Socialist Republic was $8,591, which was above the average for the rest of the Soviet Union of $6,871. This was still half or less than half of the per capita GDPs of adjacent countries Norway ($18,470), Sweden ($17,680) and Finland ($16,868). Overall, in the Eastern Bloc, the inefficiency of systems without competition or market-clearing prices became costly and unsustainable, especially with the increasing complexity of world economics. Such systems, which required party-state planning at all levels, ended up collapsing under the weight of accumulated economic inefficiencies, with various attempts at reform merely contributing to the acceleration of crisis-generating tendencies.
Read more about this topic: Lithuanian Soviet Socialist Republic
Famous quotes containing the word economy:
“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)
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