Final answer:
Stalin's economic policy, known as the Five-Year Plan, was a command economy approach to rapidly modernize the Soviet Union, leading to significant industrial growth but also causing massive starvation, particularly through the Holodomor in Ukraine.
Step-by-step explanation:
Stalin's plan in which the government would make all economic decision is commonly referred to as the Five-Year Plan. These plans were focused on rapid industrialization and the collectivization of agriculture. Stalin, recognizing the vast gap in industrial capacity between the Soviet Union and western countries, sought to modernize the Soviet Union's economy and increase its strength rapidly. The government dictated what would be produced, in what quantity, by whom, and how it would be distributed. The command economy was designed to execute these Five-Year Plans, requiring a top-down approach to economic management, devoid of market influences. Tragically, the enforcement of these policies, especially in agriculture, led to widespread famine and suffering, most notably the Ukrainian Genocide, known as the Holodomor. Stalin's economic strategies did facilitate full employment and notable growth, arriving during a period when capitalist Western democracies were grappling with the Great Depression.