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A command economy is an economic system where the government centrally plans and controls the production and distribution of goods and services.
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A command economy is an economic system where the government centrally plans and controls the production and distribution of goods and services. This type of economic system was first implemented in the Soviet Union after the Bolshevik Revolution in 1917. The Soviet Union subsequently collapsed in 1991, but many countries still maintain a command economy today, including China, Cuba, and North Korea.
A command economy is often contrasted with a free market economy, where economic activity is primarily private and unplanned. While a command economy does have some advantages, such as the ability to rapidly mobilize resources in times of war or emergency, it also has significant disadvantages. One of the biggest problems with a command economy is the lack of incentives for individuals to work hard or be innovative since the government controls what is produced and how it is distributed. This can lead to stagnation and inefficiency over time. Additionally, command economies are often associated with human rights abuses, as the government typically has a great deal of control over its citizens' lives.
