ABSTRACT
The modernization of the Soviet economy is a formidable economic, social, political and cultural challenge. With respect to attitudes, the 1950s were times when capitalism was an unpopular word, socialism a popular word in the developing regions. Capitalism was often associated by political leaders with colonial or quasicolonial status. The Chinese government has acted in a quite revolutionary way in agriculture; and it is seeking to introduce elements of a competitive market system elsewhere in the economy. In a remarkable post-war effort the Soviet Union concentrated its resources on physical reconstruction and building the heavy industry foundations for military status as a truly global power. The institutions of Soviet society render the task of elaborating and applying across the board the technological possibilities of the Fourth Industrial Revolution exceedingly difficult. The excessive powers of the state over the economy in the developing regions arose in the 1950s from a convergence of economic and political forces.
