HET II Economics of Marxism Leninism Part I

History of Economic Thought II - In the Socialist Calculation Debate, Western economists argued over whether and how a centrally planned economy could work. But with the October 1917 Revolution, for Bolsheviks this became not an academic question, but a matter of immediate practical concern. In this lecture, economist Charles N. Steele explains how Soviet thinkers wrestled with the problem of organizing an economy when private property in the means of production, decentralized decision making, and trading in markets are to be abolished. Marx suggested the economy be run as "one big factory," akin to Saint-Simon's technocracy. In this lecture we see how the Soviets designed and implemented a central plan, and discuss some of the immediate consequences.

[Jeevanm]

This type of planning that the Soviet Union was attempting to do is being done by multi billion dollar companies today. Running models on getting demand is being done by most companies. The Soviet Union was trying to do all models of all the companies in 1917 right after leaving feudalism

[katiespangler]

I loved your joke at the beginning, Dr. Steele!