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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]
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 ...
Union List includes subjects of national importance such as defence of the country, foreign affairs, banking, communications and currency. The Union Government alone can make laws relating to the subjects mentioned in the Union List. This list is about portfolios concerning the country as one or inter-state transaction.
The Index of Economic Freedom is an annual report published by The Heritage Foundation and The Wall Street Journal in the United States. Countries and regions are assessed as free, mostly free, moderately free, mostly unfree, or repressed. [3] These lists are from private Western institutions and not from the UN or IMF.
The more countries direct their efforts to more sophisticated products, the more it is reflected in the ECI score, and hence their potential economic growth. For example, from 1995-2015, Thailand appears to have phased away from largely ubiquitous products “fur: 0.1 on the Product Complexity Index ("PCI"), Leather: 0.9 PCI, footwear: -0.7 PCI ...
A state-directed economy is a system where either the state or worker cooperatives own the means of production, but economic activity is directed to some degree by a government agency or planning ministry through mechanisms such as indicative planning or dirigisme. This differs from a centralized planned economy, or a command economy, in that ...
The unique features of Soviet-style economy were an ideologically driven attempt to build a total economic plan for the whole society, as well as unquestioned paradigm of superiority of the state socialist system. Attempts to modify or optimize the former based on pragmatic analysis of economic outcomes were hindered by the latter.