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