USA HISTORY

Detailed explanation-1: -Communist countries, particularly Russia and China, decided on a centrally planned economy (aka command economy). The centrally planned economy had the following major attributes: The government owns all means of production, which is managed by employees of the state.

Detailed explanation-2: -Communism and socialism are political and economic systems that are related but often confused with each other. Both of them reject capitalism in favor of greater equality and granting economic power to the working class. Here is how socialism vs. communism compare in theory and in practice.

Detailed explanation-3: -Both socialism and communism are types of a command economy. In all three, the government controls businesses, resources, and economic activity in the country. All have central planning, too.

Detailed explanation-4: -The command economy is a component of a communist political system, while a free market system exists in capitalist societies.