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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]
A centrally planned economy combines public ownership of the means of production with centralized state planning. This model is usually associated with the Soviet-type command economy. In a centrally planned economy, decisions regarding the quantity of goods and services to be produced are planned in advance by a planning agency.
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 ...
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 overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems).
However, according to Dyker, the Soviet economy did have "extremely good" potential in the area of raw materials and mineral extraction, for example in the oil fields in Transcaucasia, and this, along with a small but growing manufacturing base, helped the Soviet Union avoid any kind of balance of payments problems. [58]
This differs from a centralized planned economy, or a command economy, in that micro-economic decision making, such as quantity to be produced and output requirements, is left to managers and workers in state enterprises or cooperative enterprises rather than being mandated by a comprehensive economic plan from a centralized planning board.
In Marxian economics, the "commanding heights of the economy" are certain strategically important economic sectors. Some examples of industries considered to be part of the commanding heights include public utilities , natural resources , and sectors relating to both foreign trade and domestic trade .
The private prison industry has long fueled its growth on the proposition that it is a boon to taxpayers, delivering better outcomes at lower costs than state facilities. But significant evidence undermines that argument: the tendency of young people to return to crime once they get out, for example, and