Prior to its dissolution in 1991, the Soviet Union had the second largest economy in the world after the United States. The economy of the Soviet Union was the world's first and most notable centrally planned economy. It was based on a system of state ownership and managed through Gosplan (the State Planning Commission), Gosbank (the State Bank) and Gossnab (State Commission for Materials and Equipment Supply). Economic planning was through a series of five-year plans. The emphasis was put on rapid development of heavy industry, and the nation became one of the world's top manufacturers of a large number of basic and heavy industrial products, but it lagged behind in the output of light industrial production and consumer durables.