Five-Year Plans

Definition

Five-Year Plans were a series of centralized economic plans implemented by the Soviet Union under Joseph Stalin. These plans aimed to rapidly industrialize and modernize the country by setting specific production targets for various industries over a five-year period.

Related terms

Collectivization: This term refers to Stalin's policy of merging small individual farms into large collective farms in order to increase agricultural productivity.

Command Economy: A command economy is an economic system in which all major economic decisions are made by a central authority, such as the government.

Rapid Industrialization: Rapid industrialization refers to a country's rapid growth and transformation from an agrarian society to an industrial one within a short period of time.