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How successful were new african nations that tried to develop by creating command economies?
Command economies rely on a central government. This is in direct opposition to Laissez-Faire Economics which supports a free market. Based on various factors, including a lack elected officials with sufficient economic expertise, corruption and a lack of technical training, support and adequate infrastructure, these command economies have failed to produce good results.
What else can I help you with?
What are the econimes market and command?
what are command economies
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
Do command economies have a higher GDP?
People are less likely to be creative if people are telling them what and how to work. Even though China is a successful command economy, for the most part command economies do not have a higher GDP. A healthy government allows people to higher standard of living which affects education, living standards, literacy, health, and most importantly for this question, GDP.
Is there a pure command and pure market economies?
no
Which of these is a mixture of command and market economies?
capitalism
What do command economies emphasize?
Command economies emphasize government allocation of production.
What are the econimes market and command?
what are command economies
Are command economies dictatorships?
no
What are the three main types of economies?
Command, traditional, and market economies
Why are economies never purely market or command economies?
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
Do command economies have a higher GDP?
People are less likely to be creative if people are telling them what and how to work. Even though China is a successful command economy, for the most part command economies do not have a higher GDP. A healthy government allows people to higher standard of living which affects education, living standards, literacy, health, and most importantly for this question, GDP.
What kinds of economies did Eastern European countries have before the fall of communism?
command economies
Is there a pure command and pure market economies?
no
Which of these is a mixture of command and market economies?
capitalism
Why are command economies less efficient the market economies?
the competition in the market economies encourages both qyality and low prices.
What Caribbean country has command economy?
Cuba is one of the command economies in the Caribbean.
Who was one of the first proponents of employing market economies instead of command economies?
Adam Smith
