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The recession should probably be here by now
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this post was submitted on 24 Aug 2023
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History absolutely has examples of recessions occurring in non-capitalist countries. Here are a few instances:
Soviet Union (1980s): The Soviet economy experienced a period of stagnation and recession during the 1980s. A combination of factors including inefficiencies in central planning, declining oil prices, and a lack of technological innovation led to economic troubles. This culminated in the eventual collapse of the Soviet Union.
Cuba (1990s): After the collapse of the Soviet Union and the loss of its economic support, Cuba entered a period known as the "Special Period in Time of Peace." This was characterized by a severe economic downturn, shortages of basic goods, and a drop in GDP. Cuba's economy is based on socialist principles.
North Korea (1990s): Following the collapse of the Soviet Union and a reduction in aid from communist allies, North Korea faced a period of economic decline in the 1990s. This was marked by food shortages, famine, and a decline in industrial production.
Venezuela (21st century): While Venezuela has been characterized by a mixed economy with elements of socialism, it's worth mentioning due to its economic troubles. The country experienced a deep recession starting in the mid-2010s, driven by falling oil prices, mismanagement, and political instability.
Cambodia (late 1970s): After the Khmer Rouge regime took control, Cambodia's economy suffered a massive collapse due to forced collectivization, execution of professionals, and isolationist policies. The country went through a period of severe economic depression.
Maoist China ("Great Leap Forward", late 1950's): While China under Mao Zedong's leadership implemented communist policies, it's important to note that there were periods of economic turmoil. The Great Leap Forward (1958-1962) aimed to rapidly transform China's economy through collectivization and communal farming, but it resulted in widespread famine and economic setbacks.
Thank you for proving me wrong 😑 Although I might quibble over the Soviet Union as State Capitalism, the others are legit examples. Take note people. This is how it’s done.
I found a comparison of Cuba, North Korea and China’s economies.