Planned economy

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