This is the Soviet Union. A former oil superpower that believe it or not, once became the second most successful economy in the world largely because of its massive oil dominance. However, while oil is the reason why the Soviet economy was so powerful during its peak, it is also the reason why the Soviet Union collapsed in the first place. In other words, oil can be a blessing and a curse at the same time.

And in this video, we will examine how oil became a crucial part of the Soviet’s rise, and how the Soviets became an economic superpower through oil. Before you ask, no, it's not as easy as just stumbling upon oil, take it off the ground, and then become filthy rich, the Soviets actually struggled a lot early on with oil despite having lots of it.

Music by Epidemic Sound

Stock Footage by Storyblocks

#Russia #Economics #Doverhill

about economics explained, about Finance and how money works, on The chaotic rise of Soviet's oil industry, This is an economics/finance video