COMECON was an economic organization from 1949 to 1991 under the leadership of the Soviet Union that comprised Eastern Bloc countries and several socialist states elsewhere in the world.
Five-Year Plans: These were centralized and detailed lists of economic goals, created by Soviet Union and used by many other communist states.
Planned Economy: An economic system in which decisions regarding production, investment, prices etc. are planned out in advance by a central authority (usually government).
Socialist Market Economy: An economic system where state-owned enterprises (SOEs) play a dominant role but compete with private firms in an open market.
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