This article examines the ways and means used to set priorities in the late Soviet economic policy. Referring to the analysis of documents and existing historiography, the author substantiates the conclusion about the fact that their choice was made outside of the routine national economic planning framework. They were structured as projects (megaprojects, programmes) of national significance. Their implementation had a tremendous effect on the country’s economic development. It would suffice to mention the creation of the nuclear weapons complex and the aerospace industry, the establishment of the Siberian branch of the USSR Academy of Sciences, the economic development of the West Siberian oil and gas province, the formation of the territorial production conglomerations in the Angara-Yenisei region, the construction of the Baikal-Amur highway, etc. Decisions on launching these programmes were made in the form of “resolutions of the Communist Party and Government”. However, it was necessary to conform to them in the process of both long-term and operational planning (adjustment). In this way, the national scale economic goals were set apparently without any prior discussion. Moreover, the tougher the administrative regulation methods, the closer were the results achieved to the initial intentions. A very good example of this was the nuclear project. At the same time, the liberalisation of the regulation mode and the transformation of the “command” economy into the economy of “coordinated approvals” resulted in the loss of administrative regulation efficiency. In the absence of market signals or sanctions, this inevitably led to a misalignment of the economic development plans and results. By the end of the Soviet period, the prevailing opinion was that the only way to improve the balance would be a move of the economy to a “market-based track”. However, there was no clarity on how to do this. Hence, a series of ill-conceived actions, resulting in a complete loss of centralised planning and management. Not being guided by any commands “from above” or the market, the economy was in a state of “free fall”.