Choose whether the statement is true/false:

Centralised planning led to economic growth

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True

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Detailed Solution

The above statement is true.
Centralised planning led to economic growth. Officials evaluated the potential of the economy and established goals for five years. They created five-year plans based on this. During the first two "Plans," the government set all prices to encourage industrial development. (1927-1932 and 1933-1938). The economic expansion resulted from centralised planning. Commercial production rose (between 1929 and 1933 by 100 per cent in the case of oil, coal and steel). There were new factory cities created. But hurried construction produced poor working conditions. There were 550 work stoppages in the first year alone as a result of the complex lives that the workers led.

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