THE FAILED MODEL: SOVIET COMMUNISM
For many years, developing countries looked to the Soviet Union and other communist countries as role models on how to industrialize. Communism offered both a theoretical critique of Western capitalism and a seemingly workable strategy for economic development. We begin by reviewing the theoretical underpinnings Of Marxism and communism and then examine how the Soviet-style command economy worked in practice. Finally, we will look at the problems that the ex-communist, countries are experiencing
in making the transition to a market-based economy.