Communist economy  

Definition of Communist economy

Economy is divided into three branches and, communist economy (also known as planned economy) in one of them, is fully controlled by government, where decisions regarding production and investment are employed by a public body such as the government agency. The distinctive nature of the communist economy is that the ownership of property is evenly distributed among every member.

Books on Communist economy

Book 1 –

The Socialist System: The Political Economy of Communism: The Political Economy of Communism By Janos Kornai (published by Oxford University Press, 1992)

Book 2 –

The Prediction of Communist Economic Performance By Peter John de la Fosse Wiles (published by Cambridge University Press, 1971)

How Communist economy works?

The former USSR or Soviet Union is the typical example of communist economy or command economy; it was originated by the Bolshevik party of the former Russian empire in the year of 1922.

China can be a modern example of the communist economy, especially in 70s, 80s, and 90s times.

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