Soviet Economic Growth
The Soviet economy experienced a growth rate of about 3.3% annually from 1950 to 1980, which, while solid, was not impressive given its low starting point. This growth stagnated in the late 1970s and did not recover until long after the Soviet collapse, illustrating the concept of the middle income trap—where countries struggle to transition from middle to high income due to institutional limitations.In this clip
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The Science of Everything Podcast
Episode 108: Political Institutions and Sustained Economic Growth
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