Which of the following changes were brought in Russia after the Second Revolution?

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A process of centralised planning was introduced.

All prices were fixed by the government to promote industrial growth.

Nationalisation of banks

All of the above

answer is D.

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Detailed Solution

Centralised planning was made available by Russia during the Second Revolution. They also maintained the nationalisation of banks and businesses throughout the civil war. They permitted peasants to farm the socialised land. Officials evaluated the potential of the economy and established goals for five years. Then, 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 was the result of centralised planning. Industrial production increased in the case of oil, coal, and steel. Thus, new factory cities were created.

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