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1. www.thoughtco.com › command-economy-definition-4586459Command Economy Definition, Characteristics, Pros and Cons

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   Mar 4, 2019 · In this manner, socialist command economies encourage a higher level of worker participation and innovation. Today, Sweden is an example of a nation using a socialist command economy.

   • Author: Robert Longley

2. www.investopedia.com › terms › cCommand Economy: Definition, How It Works, and Characteristics

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   Jun 30, 2024 · Its current system has been described as a socialist market economy. The command economy, also known as a planned economy, requires that a nation's central government own and control the...

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4. www.investopedia.com › ask › answersCommand Economy: Advantages and Disadvantages - Investopedia

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   Oct 21, 2024 · A command economy is one in which a centralized government controls the means of production. This has both advantages and disadvantages when compared to a free-market economy, in which supply...

   • Author: Greg Depersio

5. investinganswers.com › dictionary › cCommand Economy | Definition & Examples - InvestingAnswers

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   Jan 9, 2021 · Command Economy vs. Socialism. Socialism is one form of a command economy. Communism is another. In both, the government conducts economic forecasting and planning. The government also controls production, distribution, and pricing. Command Economy vs. Market Economy. A command economy is very different from a market economy.

   • Author: Bethany Mccamish

6. www.investopedia.com › articles › investingSocialist Economies: How China, Cuba, and North Korea Work

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   Dec 10, 2023 · What Is a Socialist Command Economy? In a command economy , the government plans the production and prices of goods, unlike in a free market economy, where they are ruled by supply and...

7. www.financestrategists.com › command-economyCommand Economy | Definition, Characteristics, Pros & Cons

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   Mar 30, 2023 · A command economy is an economic system where a central authority, such as the government, plans and controls the production and distribution of goods and services. This type of economy is usually associated with countries governed by communist or socialist regimes.

8. People also ask

   Is socialism a command economy?

   • Socialism is one form of a command economy. Communism is another. In both, the government conducts economic forecasting and planning. The government also controls production, distribution, and pricing. A command economy is very different from a market economy.

   Command Economy | Definition & Examples - InvestingAnswers

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   What is a command economy?

   • In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nation's economy and production. The government, rather than the traditional free market economy laws of supply and demand, mandates which goods and services will be produced and how they will be distributed and sold.

   Command Economy Definition, Characteristics, Pros and Cons - Though…

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   What is a socialist economy?

   • In socialist economies, governments are charged with redistributing wealth and narrowing the gap between the poor and the rich. While no modern-day countries are considered to have a "pure" socialist system, Cuba, China, and North Korea have strong elements of socialist market economies.

   Socialist Economies: How China, Cuba, and North Korea Work - Investo…

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   What is the difference between socialism and communism?

   • The government would have determined whether people needed computers or books, what kind would be produced, the quantity, and their selling prices. Socialism is one form of a command economy. Communism is another. In both, the government conducts economic forecasting and planning. The government also controls production, distribution, and pricing.

   Command Economy | Definition & Examples - InvestingAnswers

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   What is a command economy in Marxism?

   • In the Communist Manifesto, Karl Marx defined command economy as “common ownership of the means of production.” While command economies are typical of both communism and socialism, the two political ideologies apply them differently.

   Command Economy Definition, Characteristics, Pros and Cons - Though…

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   Does China have a command economy?

   • China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. Its current system has been described as a socialist market economy. The command economy, also known as a planned economy, requires that a nation's central government own and control the means of production.

   Command Economy: Definition, How It Works, and Characteristics

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9. www.thebalancemoney.com › command-economyWhat Is a Command Economy? - The Balance

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   Aug 27, 2024 · Definition. A command economy is a system in which a government plans its economics to attain societal goals. Learn characteristics, pros, cons, and examples.