1. Soviet Union (1917-1991)

The Bolshevik Revolution created the world’s first large-scale socialist state, nationalizing industries and implementing five-year plans. Initial industrialization was rapid, but by the 1970s, stagnation set in from bureaucratic inefficiencies, lack of innovation, and resource misallocation. The economy collapsed under Gorbachev’s perestroika reforms, leading to the USSR’s dissolution in 1991. Millions suffered from famines like the Holodomor and purges under Stalin.