ECONOMICS
ECONOMIC SYSTEMS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Traditional
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Command
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Market
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Mixed
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Detailed explanation-1: -Planned socialism was the economic system of Maoist China. For three decades after World War II, about a third of the World’s population lived under the planned-socialist economic system. Today, only Cuba and North Korea remain.
Detailed explanation-2: -North Korea has a command economy where the government is centrally planned and directed, whereas Cuba has a socialist economy.
Detailed explanation-3: -North Korea-the world’s most totalitarian state-is another prominent example of a socialist economy. Like Cuba, North Korea has an almost entirely state-controlled economy, with similar social programs to those of Cuba. There is no stock exchange in North Korea either.
Detailed explanation-4: -The economy of North Korea is a centrally planned economy, following Juche, where the role of market allocation schemes is limited, although increasing. As of 2022, North Korea continues its basic adherence to a centralized command economy.
Detailed explanation-5: -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.