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What are the characteristics of a command economy?

A command economy has a few key characteristics, including the following: The government creates a comprehensive economic plan covering everything from production and distribution to the consumption of goods and services. It also sets specific goals for each sector and region.

How do command economies work?

Command economies tend to be very bureaucratic with decisions held up by planning and committees. Price controls invariably lead to shortages and surpluses. From the 1980s, many command economies, such as the Soviet Union began to make the transition to a mixed economy. This involved a process of privatisation and price deregulation.

What is an example of a command economy?

The island is one of the few remaining examples of command economy. David Silverman / Getty Images In a command economy (also known as a centrally planned economy), the central government controls all major aspects of a nation's economy and production.

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