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- I can answer that, command economies still exist because their governments are historical dictatorships, and I know it because I came from one of t...
- That's why there is no incentive for government workers and people in general. If you're not going to be making more money, or a profit, then 'what...
- This was the line of thought for many but such things also occur in command economies. Despite being advertised as equal and fair, the reality ends...
- It depends on what you mean by "good", because that depends on the objective of a society. Also, "good" is a normative statement. We try as best we...
- Interesting question. The only examples we've had thus far of a communist governments or nations working towards it all involve the utilization of...
- This is a fairly personal spectrum, yes the government would bail out the banker but not necessarily make him richer. His mistakes aren't an inequa...
- To counter your point of him expressing opinions as fact, when he says "If you are manager here and you get a better way of doing this you get no r...
- Capitalism is a form of market economy, same as socialism and communism are forms of command economies. A fork is a kind of utensil, same as commun...
- Contemporary China has a capitalist mode of production. Under Mao it was considered Marxist-Leninist but as Melanie pointed out it is more market o...
- What Is A Command Economy?
- Understanding Command Economy
- Arguments in Favor of Command Economies
- The Bottom Line
A command economy is a key aspect of a political system in which a central governmental authority dictates the levels of production that are permissible and the prices that may be charged for goods and services. Most industries in command economies are publicly owned. The main alternative to a command economy is a free-market system, in which suppl...
Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements.Its current system has been described as a socialist market economy. The command economy, also known as a planned economy, requires tha...
Proponents of command economies argue that they allocate resources to maximize social welfare, unlike in free-market economies, where this goal is secondary to maximizing private profit. Command economies may have better control of employment levels than free-market economies. They can create jobs to put people to work when necessary, even in the a...
A command economy is a system in which a central governmental authority sets permitted levels of production, as well as the terms of distribution and pricing. It's a component of communist political systems. Command economies are a contrast to free markets, in which prices are determined largely by supply and demand.
Mar 30, 2023 · The main difference between a command economy and a free-market economy is the role of the government. The government has a much larger role in a command economy and it monopolizes all the decision-making.
- The main idea of a command economy is that the government controls all major aspects of the economy and makes all decisions about production and di...
- Central planning in a command economy means that the government creates a plan for the allocation of resources and production, which must be follow...
- A command economy is one in which the government centrally plans and controls all economic activity. In a mixed market economy, some elements of bo...
- The government does. Command economies are those in which the government makes the majority of economic decisions.
- Overproduction is not possible in a strictly government-controlled economy because price mechanisms and production quotas exist. Command economies...
Sep 19, 2023 · 2. Command Economy. In a command economy, the government or central authority makes all economic decisions. Key figures: Karl Marx, who envisioned a classless society with centralized planning, and Friedrich Hayek, a critic of central planning who believed in free markets. 3. Mixed Economy
Jun 16, 2024 · A command economy is one in which a centralized government controls the means of production. This has both advantages and disadvantages when compared to a free-market economy, in which supply...
- Greg Depersio
Jan 9, 2021 · Command Economy vs. Market Economy. A command economy is very different from a market economy. Unlike a command economy, market economies rely upon the law of supply and demand to determine which goods are produced and in what quantity.
People also ask
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Jan 1, 2018 · The ‘second economy’, and in particular its ‘shadow’ side, plays an essential role in the first economy as a ‘pressure valve’, a release ‘fixing command’ by maintaining micro-balance and covering ‘holes’ in economic life left by the mistakes or oversight of the planners and central managers.
