The Economic Slowdown of 1937
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The year 1937 began with widespread food shortages, following the failure of the 1936 harvest. At first it appeared that the management of the Soviet economy was entering a phase of restraint, with less emphasis on accumulation and industrial growth. During the year, however, the planned economy was disrupted. One factor was the persistent tendency of investment plans to revert to over-ambition. Another was the relentless purging of economic officials. The growth of industrial production was halted.