The Depths of Crisis, January–March 1933

Abstract

In the first few months of 1933, the Soviet economy plunged into its deepest crisis since the civil war. Widespread famine in the countryside grew in intensity. Industry entered a new phase of crisis. In the previous two years production had declined in January and February, following the spurt at the end of the previous year. But in 1933 the decline was much greater, and in January and February production was nearly 5 per cent lower than in the same months of 1932.¹