WORLD HISTORY

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: -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-3: -North Korea has a command economy in which the central government directs the economy regarding the production and distribution of goods.

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: -The Soviet command economy coordinated economic activity through the issuance of directives, by setting social and economic targets, and by instituting regulations. Soviet leaders decided on the state’s overarching social and economic goals.