Which events would be more common in a economy than a market economy
In a centrally planned economy, some events that might be more common compared to a market economy include:
1. Government control: The government plays a central role in planning and controlling the economy in a centrally planned economy. Therefore, events such as nationalization of industries, government directing production and resource allocation, and implementing price controls would be more common.
2. Limited consumer choice: In a centrally planned economy, the government determines what goods and services will be produced and in what quantities. This might lead to limited consumer choice as the range of available products will likely be narrower compared to a market economy.
3. State monopolies: In a centrally planned economy, key industries or sectors may be owned and controlled by the state. State monopolies or oligopolies, where one or a few entities have exclusive control over the production or distribution of certain goods or services, would be more common.
4. Long-term planning: Central planning often involves setting long-term economic goals and targets. Therefore, events such as the creation of five-year plans, industrial development plans, or detailed resource allocation plans would be more common in a centrally planned economy.
5. Limited entrepreneurship: In a centrally planned economy, the government controls the means of production, reducing the scope for private entrepreneurship. Events such as restrictions on starting private businesses or limited opportunities for innovation and competition would be more common.
6. State subsidies and welfare programs: The government's central role in resource allocation allows for the implementation of state subsidies and welfare programs to support specific sectors or vulnerable groups. Events such as government-provided healthcare, education, and social welfare benefits would be more prevalent.
It's important to note that the prevalence of these events might vary depending on the degree of central planning in an economy and the specific policies implemented.