USA HISTORY

Detailed explanation-1: -A command economy is a standard component of any communist country. In a command economy, the economy is centrally planned and coordinated by the government.

Detailed explanation-2: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.

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: -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.

Detailed explanation-5: -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.