What is the economic system with the lowest standard of living?

Answer 1

The economic system typically associated with the lowest standard of living is a command or planned economy, particularly when poorly managed. In such systems, the government controls all aspects of production and distribution, often leading to inefficiencies, shortages, and lack of innovation. Examples can be seen in historically centralized economies like North Korea, where state control and limited market freedoms have resulted in widespread poverty and limited access to basic needs. Additionally, if such systems are coupled with political repression and corruption, the standard of living can plummet further.