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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]
By 1970, the Soviet economy had reached its zenith and was estimated at 60 percent of the size of the United States [73] in terms of the estimated commodities (like steel and coal). In 1989, the official GDP of the Soviet Union was $2,500 billion [ 74 ] while the GDP of the United States was $4,862 billion [ 75 ] with per capita income figures ...
The Maoist economic model of China was designed after the Stalinist principles of a centrally administrated command economy based on the Soviet model. [204] In the common program set up by the Chinese People's Political Consultative Conference in 1949, in effect the country's interim constitution, state capitalism meant an economic system of ...
While the private sector has been accorded a role in the socialist market economy and has greatly increased in size and scope since the 1990s, the private sector does not dominate the Chinese economy. The exact size of the private sector is difficult to determine in part because private enterprises may have a minority of their stock owned by ...
The Soviets also modeled economies in the rest of Eastern Bloc outside the Soviet Union along Soviet command economy lines. [167] Before World War II, the Soviet Union used draconian procedures to ensure compliance with directives to invest all assets in state planned manners, including the collectivisation of agriculture and utilising a ...
The economy grew every year from 1812 to 1815 despite a large loss of business by East Coast shipping interests. Wartime inflation averaged 4.8% a year. [105] The national economy grew 1812–1815 at the rate of 3.7% a year, after accounting for inflation. Per capita GDP grew at 2.2% a year, after accounting for inflation. [104]
GDP has fallen by 80 percent in less than a decade. [20] [22] The economy is characterized by corruption, food shortages, unemployment, mismanagement of the oil sector, and since 2014, hyperinflation. [19] [23] As of 2024, inflation has stabilized at 59.61%. [24] Venezuela is the 25th largest producer of oil in the world and the 8th largest ...
The royal forests continued to diminish in size and decline in economic importance in the years after the Black Death. Royal enforcement of forest rights and laws became harder after 1348 and certainly after 1381, and by the 15th century the royal forests were a "shadow of their former selves" in size and economic significance. [195]