Question

Is a command economy communism or socialism?

Answer 1

Command economy is an umbrella term for any controlled economic system - it encompasses both socialism and communism. In communism, private ownership is not allowed. People's pay is based on only need and not their contribution.

A command economy is like a tree trunk, while socialism and communism are its branches. Both socialism and communism are types of a command economies. The government controls businesses, resources, and economic activity in the country. All have central planning, too. In socialism, everything is controlled by the government. The people and government have a common objective, which is usually social welfare.

In communism, everyone collectively owns the land and money, and output is distributed equally.

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