WORLD HISTORY

Detailed explanation-1: -Socialism is a political philosophy and movement encompassing a range of economic and social systems, which are characterised by social ownership of the means of production, as opposed to private ownership.

Detailed explanation-2: -Communism is a political system characterized by a centrally planned economy with all economic and political power resting in the hands of the government.

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.

Detailed explanation-4: -Historically, command economies were associated with a political system known as communism, where the goals of society as a whole were given priority over individual goals. The Soviet Union until its breakup in the late 1980s was an excellent example of a command economy.

Detailed explanation-5: -A centrally planned economy is an economic system where the government controls the factors of production. The government centrally plans, implements and controls economic activities. Such a system exists to attain social development and harmony in society. It is associated with socialism and communism.