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Investment Term For The Day - Command Economy
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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 are publicly owned.
The main alternative to a command economy is a free market system in which demand dictates production and prices.
The command economy is a component of a communist political system, while a free market system exists in capitalist societies.
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.1 Its current system has been described as a socialist market economy.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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The main alternative to a command economy is a free market system in which demand dictates production and prices.
The command economy is a component of a communist political system, while a free market system exists in capitalist societies.
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.1 Its current system has been described as a socialist market economy.
Become a supporter of this podcast: https://www.spreaker.com/podcast/investment-terms--4432332/support.
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