The Rise of China
Dan Snow's History Hit
00:00
What Is a Planned Economy?
In Marxist land in this state, including China, there's a planned economy. It really means that the state not only owns everything but it also defines all prices and all quantities. For instance, if you're going to buy a pair of shoes, it will mean that there is a plan that decides which factory will make what kind of shoe. And we'll also determine at what cost these shoes will be sold in which shops. In other words, not a great deal of choice for consumers.
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