Question

what do mean by the term five year plan
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Answer 1

Answer:

any plan for national economic or industrial development specifying goals to be reached within a period of five years

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Answer 2

Five-Year Plans, a method of planning economic growth over a limited period of time, through the use of quotas.

Explanation:

• In the Soviet Union, Joseph Stalin's first Five-Year Plan focused on developing heavy industry and collectivizing agriculture at the expense of a sharp decline in consumer goods.
• The second plan continued with the objectives of the first. Collectivization has led to terrible famines, especially in Ukraine, which have killed millions of people.
• The third emphasis was on the production of armaments.
• The fourth again underscored heavy industry and military build-up, angering Western powers.
• In China, the first Five-Year Plan underscored rapid industrial development, with Soviet assistance; it proved highly successful.

To know more:

What do you mean by economic planning? Explain the objectives ...

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