a ‘planned economy’, such as those prevailing in Eastern Europe until 1989-90, in which the economy is directed by the central state, and in which the market allocation of goods and services plays only a marginal role.
Since the 1980s, China has shaken off the lethargy of the Communist command economy with reforms that brought years of blistering growth, making its GDP second only to the US and establishing it as the world's biggest trading power in goods.
Since the 1980s, China has shaken off the lethargy of the Communist command economy with market reforms that brought it years of blistering growth, making its GDP second only to the US and establishing it as the world's biggest trading power in goods.
The economists here proposed measures for transforming a command economy into a market economy that respected specific Bulgarian characteristics, such as allowing a variety of forms of ownership dominated by private ones, and the need to renovate in order to be competitive in a globalized world.
Among his topics are the theoretical model of the command economy and society, the matrix of structural reforms in transition, competitive privatization, public finance and administration, and legal and judicial reform.
Tough controls in a state command economy which force companies to convert hard currency into Syrian pounds at the official rate has also made it difficult for ordinary Syrians and traders to get dollars from banks.
These models, taken together with an understanding of why the command economy excluded rent-seeking as a central driving force, can help to illuminate how the Soviet economy collapsed so fast and why the Russian economy has taken the form it takes now.