Esimene nõukogude aasta Eesti majanduses: 1940 - 1941
Estonian Economy under the first Year of Soviet Rule 1940 - 1941

Summary/Abstract: During the first year under Soviet rule, Estonia experienced systemic change: from a market economy into a command economy. To destroy the economic power of the entrepreneurs, businessmen and landowners, the nationalization of industrial enterprises, banks and land started in July 1940, after Estonia was declared a Soviet Republic. In a little more than a month, all large-scale and medium-sized industrial firms and banks were transferred to the state ownership. The nationalization was supervised by the Nationalization Chief Committee. Local nationalization committees consisting of activists of the workers-movement and headed by commissars carried out the takeover of enterprises. The private sector was represented by small industry, producing in 1941 a insignificant percentage of the total industrial output of Estonia. Industry lost much of its productivity because former managers were eliminated and replaced by persons coming from working people who lacked education and professional skills. The intensive socialist competition and Stakhanovism contributed to the fall in the labour productivity.

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