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The way the economy in the soviet union was micromanaged in super centralised way was key to its collapse, especially the final 10-15 years. Soviet Union did have great innovation spurs in IT, rocketry, etc but it was impossible to diversify said innovations further, impossible to mass market it, impossible to mass export it. The centralised economic system lagged enormously and was incredibly inefficient, 1 town having 500000 jackets but no shoes, other town having 100000 chandeliers but no food etc. On top there was really really high levels of corruption. The economic model was essential in the demise of the Soviet Union, once they let go of some regulations a tiny bit, it all fell apart fast. China paid attention, they keep trying to waggle between statecontrolled and free market... They are well aware similar risks still exist in their state-owned companies to this day.
Thanks, that's exactly the point I wanted to get across. You found way better words than I ever could.