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Industrialization in the Soviet Union was a process of accelerated building-up of the industrial potential of the Soviet Union to reduce the economy's lag behind the developed capitalist states, which was carried out from May 1929 to June 1941.
Stalin announced the start of the first five-year plan for industrialization on October 1, 1928, and it lasted until December 31, 1932. Stalin described it as a new revolution from above. [14] When this plan began, the USSR was fifth in industrialization, and with the first five-year plan moved up to second, with only the United States in first ...
The central aspect of the first Soviet five-year plan was the rapid industrialization of the Soviet Union from October 1928 to December 1932, which was thought to be the most crucial time for Russian industrialization. [24]
The Soviet Union's relatively medium consumer sector accounted for just 60% of the country's GDP in 1990 while the industrial and agricultural sectors contributed 22% and 20% respectively in 1991. Agriculture was the predominant occupation in the Soviet Union before the massive industrialization under Soviet general secretary Joseph Stalin.
In the period of rapid industrialization and mass collectivization preceding World War II, Soviet employment figures experienced exponential growth. 3.9 million jobs per annum were expected by 1923, but the number actually climbed to an astounding 6.4 million.
In June of the same year, the US and the Soviet Union signed an agreement to lend-lease supplies. Known today as Lend-Lease. Thanks to Lend-Lease, during the war years, the Soviet Union received about 14.8 thousand aircraft, 7.1 thousand tanks, 8.2 thousand anti-aircraft guns, a large number of cars, tractors and other vital supplies.
The Great Turn or Great Break (Russian: Великий перелом) was the radical change in the economic policy of the USSR from 1928 to 1929, primarily consisting of the process by which the New Economic Policy (NEP) of 1921 was abandoned in favor of the acceleration of collectivization and industrialization and also a cultural revolution.
Soviet industrialization of the early 1930s required massive debt expansions. [36] To attempt to decrease this debt, grain was sold in large quantities in world markets. [36] German debt also soared with increased state spending. [37] Both countries turned more to economic isolation and autarky. [37]