The benefit of a command economy
What is the difference between a command economy and a free-market economy?
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The benefit of a command economy
A command economy is one in which the means of production are controlled by a centralized government. When opposed to a free-market economy, where supply and demand determine output and pricing, this offers both advantages and downsides. Free-market economies have typically been identified with capitalism and democratic countries, whereas command economies have been associated with socialist/communist countries.
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In reality, neither a free market nor a government-controlled economy exists. Rather, economies exist on a scale, with specific characteristics favoring one type over another. For example, in Europe, some important businesses may be owned and operated by the government, while in China, the communist government may own and run some critical sectors.
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how it’s made, and how it’s distributed In a command economy, private enterprise does not exist. All workers are employed by the government, which sets their salary, employment duties, and product pricing unilaterally.
