Could I know the features of Command Economies/good and bad?
I think I found their relative advantages and disadvantages. Down below. Please check, and do tell me if there are more. Thanks so much.
Command Economy Advantages:
-Equality is focused on
-Government tries to get rid of private property and distribute its good equally. (If this is done in a proper way than no one is in poverty and no one is wealthier than another.
-Social services are also given importance to in this type of economy.
-The government will provide equal health care, education opportunities, and make sure that all people are fed.
-This type of economy is also capable of quick change for major problems.
-The government owns the companies, so if production needs to be shifted into a different area, the government is capable of doing it quick.
-These type of economies are also very stable. They will never have sudden depressions.
Disadvantages:
-Not that much freedom
-Individual does not have opportunity to decide what they want to do for a career, and they have no control over the goods they receive.
-There is little reason for innovations, hard work, or quality of the work.
-Individuals make same amount of money, no one makes more than the other, the people feel like there is no reason to work hard.
-There is little focus on consumer wants. When it comes to minor day-to-day changes, the government has a hard time dealing with with them.
Great! You've covered all of the pros and cons that I know about.
Note that communism is the major command economy. Yet the Soviet Union fell apart, although it's leaning toward a similar command economy system. It's having a hard time making the abrupt switch from a command economy to a free enterprise system. Both Vietnam and China have command economies, but they too have loosened up a lot in recent years and are adapting to mixed economies.
Thanks so much for the additional information:)
What does it mean by features? Is that same as disadvantages, and advantages.
You're welcome.
Features means to describe them. I think you've done a good job of describing them in your lists of advantages and disadvantages. You could summarize the facts about a command economy and then go on to the advantages and disadvantages.
http://www.economywatch.com/economy-articles/command-economy.html
Thanks so much for your help, and thanks for the site as well:)
You're very welcome.
yolo
Your list provides a good overview of the advantages and disadvantages of a command economy. Here's how you can find more information and additional features of command economies:
1. Research Economic Theory: To understand command economies better, you can explore economic theory resources. Start by reading about the concept of a command economy and the principles behind it. This will give you a foundation to build on.
2. Study Case Studies: Look for case studies and examples of countries or historical periods that have implemented command economies. Analyze the features and outcomes of these systems. This can provide you with specific examples of how command economies have functioned in different contexts.
3. Review Academic Sources: Consult academic journals, books, and articles that discuss command economies. Scholars often conduct in-depth studies on economic systems and their advantages and disadvantages. These sources can provide you with more nuanced insights into the topic.
4. Explore Different Perspectives: It's important to consider different viewpoints and criticisms of command economies. This will help you develop a well-rounded understanding. Look for opinions and critiques from economists, policymakers, and experts in the field.
By using these research methods, you can expand your knowledge further and collect a comprehensive set of features, advantages, and disadvantages of command economies.