by Angela cruz

Everything You Should Know About The Communist Economic Model

Everything You Should Know About The Communist Economic Model

In a communist economic system, the community makes the economic choices.

Communism created state-driven authoritarian economies and regimes that favored political elites.

The most important people who came up with communist ideas are Karl Marx...

and Frederick Engels

Russia and China, as one of the communist countries, adopted centrally planned economies.

Centrally controlled economies had these attributes:

State personnel handle all government-owned production methods.

Economic planners nominated by a party define production, pricing, and operational objectives.

Communism is inefficient because the Communist Party wants to stay in power.