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A planned economy is a type of economic system where investment, production and the allocation of capital goods takes place according to economy-wide economic plans and production plans. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. [1][2] The level of centralization or ...
Economic systems. Economic planning is a resource allocation mechanism based on a computational procedure for solving a constrained maximization problem with an iterative process for obtaining its solution. Planning is a mechanism for the allocation of resources between and within organizations contrasted with the market mechanism.
All values, unless otherwise stated, are in US dollars. The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increased to an extent. [ 11 ][ 12 ] As of 2024 [update], North Korea continues its basic adherence to a centralized planned economy.
v. t. e. A transition economy or transitional economy is an economy which is changing from a centrally planned economy to a market economy. [1] Transition economies undergo a set of structural transformations intended to develop market-based institutions. These include economic liberalization, where prices are set by market forces rather than ...
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 ...
All values, unless otherwise stated, are in US dollars. The economy of Cuba is a planned economy dominated by state-run enterprises. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment. In the late 2010s, private property and free-market rights along with foreign direct ...
Economic history of the Soviet Union. For about 69 years, the Russian economy and that of the rest of the Soviet Union operated on the basis of a centrally planned economy, with a state control over virtually all means of production and over investment, production, and consumption decisions throughout the economy.
In a centrally planned system, authorities can distribute resources and production targets as they choose, balancing the needs of consumption and investment on the basis of long-term goals. Planners in postwar Czechoslovakia, for example, were thus able to expand the country's heavy industrial base as they wished.