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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]
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 .
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 ...
Mixed economy (a hybrid that blends some aspects of both market and planned economies) Planned economy ("hands on" systems, such as state socialism, also known as "command economy" when referring to the Soviet model) Other types: Traditional economy (a generic term for older economic systems, opposed to modern economic systems)
Adam Smith in his writing on economics stressed the importance of laissez-faire principles outlining the operation of the market in the absence of dominant political mechanisms of control, while Karl Marx discussed the working of the market in the presence of a controlled economy [2] sometimes referred to as a command economy in the literature ...
The rouble maintained exchange parity with sterling until the dissolution of the Soviet Union in 1991. After a new leadership, headed by Leonid Brezhnev, had come to power, attempts were made to revitalize the economy through economic reform. Starting in 1965, enterprises and organizations were made to rely on economic methods of profitable ...
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 Chinese experience with socialism with Chinese characteristics is frequently referred to as a socialist market economy where the commanding heights are state-owned, but a substantial portion of both the state and private sectors of economy are governed by market practices, including a stock exchange for trading equity and the utilization of ...