ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Communist systems have centrally positioned power structures, which have advantages and disadvantages. The last five remaining Communist countries are China, Cuba, Laos, North Korea, and Vietnam, though their politics are in various states of change.

Detailed explanation-2: -Two of the major examples of Communism, or a communist economy, are China and Cuba. China, officially called the People’s Republic of China, is ruled by a single party, the Communist Party of China. Power is divided between the National People’s Congress, the president, and the State Council.

Detailed explanation-3: -Overview. Cuba’s one-party communist state outlaws political pluralism, bans independent media, suppresses dissent, and severely restricts basic civil liberties. The government continues to dominate the economy despite recent reforms that permit some private-sector activity.

Detailed explanation-4: -The economy of Cuba is a mixed command economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment.

Detailed explanation-5: -Since the introduction of Deng Xiaoping’s economic reforms, China has what economists call a socialist market economy – one in which a dominant state-owned enterprises sector exists in parallel with market capitalism and private ownership.