Which nation has a communist command economy? cuba north korea south korea the united states

Communist command economy applies by several nations in the world. For examples are Cuba and North Korea which apply the communist command economy.

EXPLANATION

Cuba controls its economy through State-Owned Enterprises (SOEs). The Cuban government controls and operates the majority of the industry and workforce employed by the state. In 1991 after the fall of the Soviet Union, the Cuban Communist Party initiated the formation of cooperatives for workers and opened an entrepreneurial tap.  

Similar to Cuba, The Democratic People's Republic of Korea (DPRK), also known as North Korea, implements a dictatorial command economy that is tightly controlled by the State and isolated. North Korea's economy depends on agriculture and natural resources.

Further Definition of Command Economy

Command economy system requires the government to determine all aspects of the economy both of what goods must be produced-how much to produce and the price at which goods are offered for sale. This system clearly rejects the existence of a free market. The command economy is a characteristic of the communist state. Cuba, North Korea, and the former Soviet Union are the examples of nations which apply communist command economy system.  

Yet, communist command economy system has several weaknesses as listed below:

•Economic command in terms of providing incentives. The incentives are given to workers, planners, and managers in state-owned companies are very small.

•Rationally, Command Economic planning cannot determine the number of economic aspects such as the amount, proportion, and time of economic activity in all regions of the State without the existence of personal property or the operation of supply and demand.

LEARN MORE

If you’re interested in learning more about this topic, we recommend you to also take a look at the following questions:

•How did the fall of the Soviet Union affect Cuba’s economy?

•Nations which apply command economy system  

KEYWORD: communist, north Korea, economic strategy, Cuba, communist command economy  

Subject: History

Class: 7 - 9  

Subchapter: Command Economy

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