Final answer:
Stalin's Five-Year Plan radically transformed the Soviet economy with significant industrial growth but caused mass starvation and suffering due to forced collectivization and unrealistic production quotas.
Step-by-step explanation:
Impact of Stalin's First Five-Year Plan
The impact of Stalin's Five-Year Plan on the Soviet economy was considerable. Starting in 1928, the plan aimed to transform the economy from primarily agrarian to a leading industrial powerhouse. To accomplish this, it focused heavily on the rapid expansion of heavy industry and collectivization of agriculture.
The plan's execution led to the development of industry-specific cities, a dramatic increase in iron and steel production, and the construction of new electrical power stations. As a result, industrial capacity rose by about 50 percent. However, this came at a high cost; the unrealistic production quotas set under the plan resulted in the deaths of thousands and did not coincide with the actual state of agriculture or the well-being of workers. Despite the suffering, the Five-Year Plan achieved near parity with western nations in industrial capacity.
A tragic consequence of the plan was the forced collectivization which led to mass starvation, notably the Holodomor in Ukraine, with nearly three million Ukrainians perishing. This famine was a direct result of resistance to losing land and livestock and punitive measures by the state against peasants. Yet, internationally, Stalin proclaimed the plan a success, hiding the devastating human costs.
In terms of social effects, full employment and economic growth contrasted sharply with the widespread unemployment and depression in the West during the early 1930s. This perceived success led to the appeal of communism in economically struggling democracies. However, within the Soviet Union, the situation was dire, as many people suffered from poverty, repression, and the destruction of a way of life.