![]() ![]() These example sentences are selected automatically from various online news sources to reflect current usage of the word 'command economy.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. 2021 The command economy does not work long-term and will not work for agriculture (or us) long-term either. 2021 The advantages of free markets and the faults of a command economy are clear in hindsight. 2021 In economic terms, modern agricultural methods represent a Soviet-style command economy versus the free market economy of natural ecosystems. 2022 The new regulations suggest that Chinese leadership in some ways wishes to turn back the clock to a simpler and purer Socialist era, perhaps a more self-reliant one that is more driven by command economy concerns and is less capitalistic. ![]() 2022 There, the command economy of a sprawling Communist state heaved itself into military competitiveness with the United States. 2022 For decades, underground banking systems served the elite of the Chinese Communist Party, or CCP, especially after the totalitarian regime opened its command economy to global capitalism. 2022 For two decades beginning in the 1980s, the Chinese leadership ostensibly shifted the country from an austere command economy to a unique blend of market and state control that is often credited with the country’s ascendance to relative prosperity. Kostiantyn Khudov, Washington Post, 8 Dec. In economies like these, the government still owns and operates the major share of the economy in the country which could also turn into political distress and political crisis in the country.Recent Examples on the Web The region was riven with power struggles and violence as the country lurched from a collapsing Soviet command economy to something completely new. the transfer of capital and labor freely outside their domestic territory. Example #4Įxamples of economies like Cuba and North Korea which are still in the phase of command economies of the world and the perfect examples which have not yet liberated themselves to the opening world and do not allow free trade i.e. Then, the state transferred ownership of the largest companies to oligarchs. The Soviet state planning committee is actually the most researched and studied command economy in the world and was also the longest-running command economy in the world which is the USSR until the 1980s. After the break down of world war 2, the Russian economy got hit and was taken aback which took Russia some time to rebuild the economy. Lenin created in the first command economy of the world. Russia is also a very prominent example of the command economy. The economy was experiencing recessions lately because of the sanctions which were put by the United Nations which was eventually improved and closed in 2015 when the nuclear trade deal was exercised Example #3 The government controls the prices of oil and other state-owned goods and services to regulate the economy. Soviet Union is an example of a real and successful command economy. ![]() Virtually everything is owned by the government.Īnother famous example of a command economy is the state of Iran where the government owns around 60% of the state business which is operating in the country. A command economy needs a political system that is centrally planned. Also, the policies of monetary and fiscal benefits are also planned and implemented by the government. The government, in this case, has a monopoly in the economy and the private businessmen have no control over the economy and do not play any role in the production of goods and services.Īlso, all the rules and regulations are also dedicated by the government in the economy and the government basically owns everything which is operating in the economy. ![]() The command economy is similar to communism in the sector. The government decides in the economy the quantity of the goods produced in an economy rather than the private sector which is prevalent in most of the economies in the world. Command economy is a system under which the government controls everything the demand and the supply of the goods and services are owned and controlled by the government. There are several examples of command economy according to the different situations. ![]()
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