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Planned economies contrast with command economies in that a planned economy is "an economic system in which the government controls and regulates production, distribution, prices, etc." [39] whereas a command economy necessarily has substantial public ownership of industry while also having this type of regulation. [40]
National economies can be run from the top down, so to speak, in what is sometimes called a command economy or they can be run from the bottom up in what is sometimes called a free market. In the ...
A pure command economy has probably never existed much like a free-market economy has never existed. Your professor most likely presented criteria for finding real-world approximations to the pure command economy of economic theory. However, a rigorous definition must be made for purposes of economic modeling.
The designation has been used broadly throughout the 20th century to designate a number of different economic forms, ranging from state-ownership in market economies to the command economies of the former Eastern Bloc. According to Aldo Musacchio, a professor at Harvard Business School, state capitalism is a system in which governments, whether ...
An economic system can be considered a part of the social system and hierarchically equal to the law system, political system, cultural and so on. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). Many economic systems ...
According to Yevgeni Preobrazhensky, a Bolshevik economist, control over the commanding heights of the economy would ensure primitive socialist accumulation. [1] The phrase can be traced back to Vladimir Lenin 's defense of the New Economic Policy (NEP), which saw market-oriented reforms while the state retained control of the commanding heights.
The economy of the German Democratic Republic (East Germany; GDR, DDR) was a command economy following the model of the Soviet Union based on the principles of Marxism-Leninism. Sharing many characteristics with fellow COMECON member states — the East German economy stood in stark contrast to the market and mixed economies of Western Europe ...
The system was devised by socialist economists who believed that a socialist economy could neither function on the basis of calculation in natural units nor through solving a system of simultaneous equations for economic coordination. [12] [9] Real-world attempts to create market socialist economies have only partially implemented the measures ...