WORLD HISTORY

Detailed explanation-1: -Although some form of capitalism is the basis for nearly all economies today, for much of the last century it was but one of two major approaches to economic organization. In the other, socialism, the state owns the means of production, and state-owned enterprises seek to maximize social good rather than profits.

Detailed explanation-2: -Command Economic System The aim of a command economy is to meet all needs of society and prioritize social welfare over profits. A command economy is an economic system in which the government makes all the economic decisions regarding the production, distribution, and consumption of goods and services.

Detailed explanation-3: -The command economy, also known as a planned economy, requires that a nation’s central government own and control the means of production.