During Stalin’s rule, the Soviet Union abandoned markets in favour of a pure command economy, and industrialized at the fastest possible pace.
The years 1953-85 were a test of the efficacy of central planning. It was a test that central planning unequivocally failed. What went wrong?
Mikhail Gorbachev introduced market-oriented economic reforms in the late 1980s. They were too little, too late. The Soviet Union collapsed in December 1991.
The Communist governments of Stalin and Mao were responsible for two of the worst famines in history.
The era in which Deng Xiaoping restructured the Chinese economy was also an era of social unrest, both within China and in the Eastern Bloc.
After the death of Mao, China introduced new economic policies that dramatically increased its rate of economic growth.