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Journals / İktisadi İdari ve Siyasal Araştırmalar Dergisi / 2026 / Sayı: 29

The Functioning of the Socialist Economy: Strategies for Growth and Stability

Sosyalist Ekonominin İşleyişi: Büyüme ve İstikrar Stratejileri

Meltem Ince Yenilmez(IZMIR DEMOCRACY UNIVERSITY)0000-0002-4689-3196
Pages
702–723
Publication Date
2026-07-26
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AI Summary & Key Takeaways

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⚡ TL;DR(Too Long; Didn't Read)

The proposed policy framework demonstrates that balancing pricing, monetary, and exchange-rate policies is essential for achieving long-term economic sustainability.

📌 3 Key Takeaways

🎯
Objective & Hypothesis:This article examines how price controls, central banking, exchange rate management, and monetary policy were used in centrally planned socialist economies to achieve the state-defined objectives of equality, stability, and economic growth.
📊
Key Findings & Data:It comparatively analyzes the experiences of the Soviet Union (1917–1991), China (1950–1991), Cuba, and North Korea, focusing on the interaction of pricing policies, monetary policy, and exchange rate management and their effects on economic performance.
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Conclusion & Impact:The proposed policy framework demonstrates that balancing pricing, monetary, and exchange-rate policies is essential for achieving long-term economic sustainability.
🔬Design:Review & Systematic Survey
📍Scope:Comprehensive Sample
⚙️Variables:Merkezi planlı sosyalist ekonomiler · fiyat kontrolleri ve para politikası · döviz kuru yönetimi

Abstract

This article examines how price controls, central banking, exchange rate management, and monetary policy were used in centrally planned socialist economies to achieve the state-defined objectives of equality, stability, and economic growth. The study employs a theoretical and comparative research design based on an extensive review of the literature. It comparatively analyzes the experiences of the Soviet Union (1917–1991), China (1950–1991), Cuba, and North Korea, focusing on the interaction of pricing policies, monetary policy, and exchange rate management and their effects on economic performance. The analysis shows that although these policy instruments were effective in supporting distributive objectives and macroeconomic stability, their long-term interaction generated chronic shortages, monetary overhang, exchange-rate distortions, and the expansion of black markets. In particular, persistent price controls combined with excess liquidity weakened resource allocation and reduced economic efficiency, highlighting the structural trade-offs among equity, stability, and efficiency. The findings suggest that centrally planned socialist economies require selective market-oriented reforms that improve flexibility and efficiency while preserving their core social objectives. The proposed policy framework demonstrates that balancing pricing, monetary, and exchange-rate policies is essential for achieving long-term economic sustainability.

Özet

Bu makale, merkezi planlı sosyalist ekonomilerde fiyat kontrolleri, merkez bankacılığı, döviz kuru yönetimi ve para politikası araçlarının, devlet tarafından belirlenen eşitlik, istikrar ve ekonomik büyüme hedeflerine ulaşmak amacıyla nasıl kullanıldığını incelemektedir. Çalışma, kapsamlı bir literatür taramasına dayanan teorik ve karşılaştırmalı bir araştırma tasarımı benimsemektedir. Bu kapsamda Sovyetler Birliği (1917–1991), Çin (1950–1991), Küba ve Kuzey Kore deneyimleri karşılaştırmalı olarak analiz edilmekte; fiyat politikaları, para politikası ve döviz kuru yönetimi arasındaki etkileşim ile bunların ekonomik performans üzerindeki etkileri değerlendirilmektedir. Analiz bulguları, söz konusu politika araçlarının bölüşüm hedeflerini ve makroekonomik istikrarı desteklemede etkili olmakla birlikte, uzun vadede kronik kıtlıklar, parasal fazlalık, döviz kuru çarpıklıkları ve karaborsanın genişlemesi gibi yapısal sorunlara yol açtığını göstermektedir. Özellikle, kalıcı fiyat kontrollerinin aşırı likidite ile birleşmesi, kaynak tahsisinin etkinliğini zayıflatmış ve ekonomik verimliliği azaltarak eşitlik, istikrar ve etkinlik arasındaki yapısal ödünleşimleri belirgin hâle getirmiştir. Elde edilen bulgular, merkezi planlı sosyalist ekonomilerin temel sosyal hedeflerini korurken esnekliği ve etkinliği artıracak seçici piyasa odaklı reformlara ihtiyaç duyduğunu göstermektedir. Önerilen politika çerçevesi, uzun dönemli ekonomik sürdürülebilirliğin sağlanabilmesi için fiyatlandırma, para politikası ve döviz kuru politikaları arasında dengeli bir yapının kurulmasının kritik önem taşıdığını ortaya koymaktadır.

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Cite This Article

Yenilmez, M. I. (2026). The Functioning of the Socialist Economy: Strategies for Growth and Stability. İktisadi İdari ve Siyasal Araştırmalar Dergisi, Sayı: 29, 702–723. https://doi.org/10.25204/iktisad.1787596

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