ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Understanding Command Economy. Cuba, North Korea, and the former Soviet Union all have command economies. China maintained a command economy until 1978 when it began its transition to a mixed economy that blends communist and capitalist elements. 1 Its current system has been described as a socialist market economy.

Detailed explanation-2: -North Korea has command economy. The government of this country owns all or most of the production, and allocation of services in the economy is also directed by the government. The economy of Cuba is socialist economy, most of the vital services are subsidized by the government.

Detailed explanation-3: -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-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: -In January 2016, North Korea and Cuba established a barter trade system.