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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Sources:
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.
Image Credits:
Trabant 1.1 (1990), By User Asterion on en.wikipedia - Photo by Asterion, CC BY 2.5, commons.wikimedia.org/w/index...
1963 Trabant, By Bundesarchiv, Bild 183-B0503-0015-001 / Weiß / CC-BY-SA 3.0, CC BY-SA 3.0 de, commons.wikimedia.org/w/index...
Mikhail Gorbachev, By RIA Novosti archive, image #359290 / Yuryi Abramochkin / CC-BY-SA 3.0, CC BY-SA 3.0, commons.wikimedia.org/w/index...
Vladimir Lenin, By SpaceSandwich - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
Depopulation of Ukraine and Southern Russia, By Sergento - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
McDoanlds, By © Milan Nykodym, Czech Republic, CC BY-SA 2.0, commons.wikimedia.org/w/index...
McDonalds, By BrokenSphere - Own work, CC BY-SA 3.0, commons.wikimedia.org/w/index...
Pepsi, By Maksym Kozlenko - Own work, CC BY-SA 4.0, commons.wikimedia.org/w/index...
Gulags, By Antonu - Собственная работа, основанная на материалах справочника «Система исправительно-трудовых лагерей в СССР», подготовленного правозащитным обществом «Мемориал»., CC BY-SA 3.0, commons.wikimedia.org/w/index...
Fire Station, By Mimooh - Own work, CC BY-SA 3.0, commons.wikimedia.org/w/index...
Soviet Industrial Output, 17th Party Congress of the Soviet Union, 1934, www.marxists.org/reference/ar...

[@KorczyksClass]

You can check out some more of my Economics videos here: kzbin.info/aero/PL-MZyeaK_bhseLsGwrrrtWjiSiYO6oPIt Or perhaps Global Politics is more up your alley? Check those out here: kzbin.info/aero/PL-MZyeaK_bhvgZfBQ_AfjizWO27-YzXeB What's the best balance between economic freedom and government intervention? Let us know in the comments!

[@luugiahan9508]

Your study is amazing. It is profoundly helpful. Thank you!

[@KorczyksClass]

Thank you! I'm glad you found the video helpful! 😊

[@thanhnguyen9896]

Very useful, thank you!!

[@KorczyksClass]

I'm glad you found the video helpful! Thanks for the comment. 😊

[@nihilistictanuki6947]

That depends largely on the perspective. Let's take the US perspective, for example, according to which most of the states of continental Europe would be extremely socialistic and, on your scale, deeply left (things that are always demonized as communist/socialist in the USA are taken for granted even for the more right-wing and strongly conservative CDU in Germany). If you ask a continental European, however, he/she would not see him/herself in this position, but rather as well in the illusory political center.

[@mo-215]

Superb

[@KorczyksClass]

Thank you! I appreciate it! 😁

[@thecrimsondragon9744]

Background music not needed and kind of annoying... otherwise, great work.

[@KorczyksClass]

Thanks for the feedback!

[@imiikhan]

🖤🖤🖤

[@kaiovillar]

"What's the best balance between economic freedom and government involvement?" R: The more economic freedom, the more prosperity will become. It is a causal relationship. Throughout history, Capitalism proved that the principles of "laissez-faire", private property, free market, monetary freedom (then low inflation), free trade, competition and legal certainty creates an economic enviroment with fair conditions to enterpreuners, workers and consumers at all and therefore they get autonomy and power to rule their lives with liberty and generating wealth to their fellow citizens. This reality prevails in free countries of eastern and western europe, as Eesti, Lithuania, Switzerland, Liechtenstein, Luxembourg; in south america prevails in Uruguay and prevailed in Chile until Borić's took office; in Oceania, Australia and New Zealand are the major examples and in Asia and Africa, Taiwan, Singapore and Botswana are improving its economical conditions through free market.

[@n_o_o_n_e]

*Estonia

[@kayedal-haddad]

Is ideally what you want, a hybrid between both?

[@joyvinci7338]

I think it's objectively difficult to argue with that model because it's obviously been the most successful over the same period of time. Maybe the best idea is a social democracy with doughnut economics central to development plans

[@kayedal-haddad]

@@joyvinci7338 can you explain Doughnut Economics please?

[@joyvinci7338]

@@kayedal-haddad it's an economic model by Raworth that attempts to lift those in poverty up to better living conditions while not allowing the society to overshoot environmental limitations. Basically trying to live sustainably and curb poverty as well as excessive wealth inequality

[@kayedal-haddad]

@@joyvinci7338 interesting. Personally, I like Mariana Mazzucato 'Stakeholder Capitalism'!

[@joyvinci7338]

@@kayedal-haddad I'll have to check it out! I like the idea of worker cooperatives. They're doing this more in Spain

[@O_A_Koroleva]

В командной экономике государство не вмешивается в экономику. Оно подчиняется менеджерам..

[@Vian_B11]

Can you recomended me the videos you watch on this topic please?

[@tonyreynoso7066]

🐫

[@terminator4974]

This is the great reset for you soon! 2030 wef