Command Economy Vs. Market Economy: Where Would You Rather Live?

A command economy and market economy are two opposite economic systems. A command economy focuses on total government control, whereas a free market economy is governed by individualism and the law of supply and demand. One of the biggest examples of a command economy in action is that of the Soviet Union. It showed, however, the unsustainability and human cost of such a system. Now countries like China that feature central planning see the importance of market principles for economic growth.

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Davies, Norman. Europe: A History. Oxford University Press, 1996.

Noesgaard, D., Yoshida, D., Colless, R., Phui, L., & Fielding, J. (2010). Understandings of ideologies. Don Mills, ON: Oxford University Press.

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