Planned economy
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Transcript of Planned economy
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Planned
economyBy: Omar,Dawood,Abriel and
Sana
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Wha
t is
it ex
actly
?• Factors of production
owned by government• Decisions made
government
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Char
acte
ristic
s
• Almost all business public sector• Every one deemed
equal• Fixed price goods and services• Profit not objective
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How
and
why
it st
arte
d?• Retaliation exploitation working class (industrial revolution)• Karl Marx advocate
workers replace bourgeoisie
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Pros • No monopolization• Prioritizes welfare
• Greed is removed from business
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Cons • Restriction of freedom
career• Less innovation, no competition • No work incentive
• Dictatorship (Stalin, Kim)
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Cuba
, life
livin
g th
ere • Health care free• 1950’s car• No major corporations
and billboards(apple, MacDonald's) • Restrictions on freedom speech
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Com
paris
on, t
he
Kore
as
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Com
paris
on
betw
een
Iraq
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Acro
nym
Public sectorLegalAuthorityNeeds
No firmsEqualityDiscourage