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Planned Economy
A Planned Economy or Command Economy is an economy primarily driven by the local government which chooses how much production an industry should perform. Given the myopic views of most governments, planned economies often resulted in production shortfalls and excesses, leading to general frustration of populaces where planned economies existed, such as most Communist countries prior to the 1980s.
359 Questions
the people
Command economies have existed all over the world. The most prominent in recent history have been the Communist governments, most notably those of Russia and China, but also including Cuba.
When a State planned economy transitions toward a free market economy they engage in privatization of resources. For privatization to be successful what must the State also do?
How does Stalin's 5 year plan resemble a command economy?
Stalin's Five Year Plan did not "resemble" a command economy; it WAS a command economy. A command economy is when the central government determines how much production will occur (instead of allowing businesses to produce at their own levels). The Five Year Plan was an explicit set of quotas by Stalin as to how much production (mostly agricultural) would occur in the next five years, setting a level of production which was unreasonable.
What is a country that had a command economy but now has changed to free interprise?
I dont know but you should google it!
What is an antonym of command economy?
well here is an example. Tamica and Myracle have acontrol over an economy that means an antonym for command economy is dosent have contro
I would expect the United Arab Emirates (UAE) to have a more market-based economy than a command-based one. The UAE has diversified its economy beyond oil, focusing on sectors like tourism, finance, and real estate, which encourages private enterprise and foreign investment. Its liberal economic policies and business-friendly environment further support a market-oriented approach. In contrast, countries with more state control over resources, such as Libya or Iran, tend to have more command-based economies.
How are prices set in a centrally planned economy?
In a purely socialist economy, the price of a good would be determined by society directly and not through other types of mechanisms, such as markets. In history, this has usually taken the form of a state (acting on society's behalf) to control the price of goods and services. Controlling the price occurs by decree and a planned, socialist economy attempts to produce exactly the right number of intermediate and final products to match the expected supply with determined demand.
