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submitted 1 year ago by GiddyGap@lemm.ee to c/news@lemmy.world
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[-] cassetti@kbin.social 11 points 1 year ago

Name one. Excluding mixed economies and state run capitalist countries.

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.

[-] TokenBoomer@lemmy.world 1 points 1 year ago* (last edited 1 year ago)

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.

this post was submitted on 24 Aug 2023
36 points (83.3% liked)

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