Wide-angle photograph of a 1960s Soviet-era office building with rows of workers at desks reviewing documents and statistical reports, filing cabinets lining walls, black and white or muted color palette, showing bureaucratic complexity of centralized planning

What is Gosplan’s Role in Market Economics?

Gosplan, the Soviet Union's central planning authority, attempted to replace market mechanisms with administrative coordination. Understanding its failures reveals crucial lessons about how markets function and why decentralized price signals outperform centralized planning for efficient resource allocation and economic innovation.