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- command economy, economic system in which the means of production are publicly owned and economic activity is controlled by a central authority that assigns quantitative production goals and allots raw materials to productive enterprises.
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A command economy is an economic system where the means of production are publicly owned and controlled by a central authority that sets production goals and allocates resources. Learn about the advantages, disadvantages, and examples of command economies, and how they differ from market economies.
- What Is A Command Economy?
- Understanding Command Economy
- Arguments in Favor of Command Economies
- The Bottom Line
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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.
A command economy is a system where a central government controls the production, distribution, and prices of goods and services. Learn the advantages and disadvantages of command economies, and how they differ from free-market economies.
Aug 7, 2022 · A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production. Key Takeaways.
- Kimberly Amadeo
Mar 4, 2019 · A command economy is a system where the government controls all aspects of a nation's economy and production. Learn how command economies work, their advantages and disadvantages, and the difference between communist and socialist command economies.
- Robert Longley
A command economy is when the government controls all major aspects of the economy and economic production. Learn how command economies work, their advantages and disadvantages, and how they compare to free market economies.
A command economy is an economic system where a central authority controls all economic activity and owns the means of production. Learn more about the history, features and examples of command economies from Merriam-Webster dictionary.
Mar 30, 2023 · A command economy is an economic system where a central authority, such as the government, plans and controls the production and distribution of goods and services. Learn how command economies work, their advantages and disadvantages, and examples of countries that apply them.
