Planned Economy essential points jkssb

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 Economy that has been well planned

1. Karl Marx's works influenced the concept of a planned economy.

2. It was established in 1917 in the former Soviet Union, and afterwards in Eastern European countries influenced by the Soviet Union.

3. In 1949, the People's Republic of China established a planned economic model, sometimes known as a command economy or state economy.

4. There were two major sub-types of planned economies: communist and socialist economies.

All property and methods of production were under state control in a communist economy. The government had total control over the economy.

It decided what should be produced, how much should be paid to each factor of production (land rent, labour wages, etc. ), and how demand and supply should be managed.

The emphasis in a socialist economy was on collective ownership of the means of production, with the state exercising economic control. However, unlike in a communist economy, governmental control was not as strict.

A central plan is developed by the state, usually for a five-year period. The plan lays out the social and economic aims and objectives that every institution and region in the country must meet.

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