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 are command economies
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
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.
the competition in the market economies encourages both qyality and low prices.
capitalism
Command economies emphasize government allocation of production.
what are command economies
no
Command, traditional, and market economies
Neither purely market nor purely command economies can adequately answer the basic economic questions in every situation. -Plato
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.
command economies
the competition in the market economies encourages both qyality and low prices.
capitalism
no
Cuba is one of the command economies in the Caribbean.
Adam Smith