Who - Who
Ruled the economy trying to transform it to a socialist state. Successor promised to continue the ideas but this put the private sector in turmoil and still is causing issues.
Hugo Chavez
A group within a country who still has a traditional Economy.
Maori People of New Zealand
An Economic System based on homemade and bartering
Traditional
The standard measure of the value added created through the production of goods and services in a country during a certain period( usually per yer)
GDP - Gross Domestic Profit
A political system which in factors of production are owned and directed by the state. A theoretical idea
Communism and or socialism
An Advantage of a Command Economy in an ideal world.
Resources are supposed to be more readily available or move faster.
This country has been in transition multiple times due to various leaders including Joseph Stalin.
USSR/Soviet Union/ Russia
These Countries have this type of system:
Cuba
N. Korea
China
USSR
Command
Distribution of goods
Allocation
A policy of remaining apart from the affairs or interests of other groups, especially the political affairs of other countries
Isolationism
In 1927 who created the Five Year Plan?
Joseph Stalin
Successor of the European Coal and Steel community. To help bring European countries together. In 1993 by the Maastricht Treaty.
Lack of Freedom - media is extremely controlled
Command Economy
Independently owned group of Japanese firms joined and governed by an external board of directors in order to regulate competition
Keiretsu - Japan
Fundamental restructuring of the Soviet economy - Mikhail Gorbachev
Perestroika
This individual gained control of the People's Republic of China and over the next 5 decades adopted a series of five year plans to manage growth. Part of the Great Leap Forward to revolutionize industrial and agricultural production overnight. It was a disaster.
Mao Zedong
Worst period of economic decline in U.S. history
The Great Depression 1929 - 1939
Disadvantage of a Market or Free Market
Monopolies
Income/wealth gap
Wealth = power
Poverty
Some services struggle
Small businesses suffer
Shift of economy or part of economy from private to government
Nationalization
Measures everything except that which makes life worthwhile
Robert F. Kennedy
Who is Karl Marx?
A German Philosopher who wrote the book "The Communist Manifesto"
An island country that is still largely Traditional Economy.
Tuvalo
Gosplan
Central authority in for the Soviet Union with the purpose of planning and directing the 5 year plans
Political system in which private citizens own and use the factors/resources of production in order to generate profit that affects the economics of a country
Capitalism/Capitalist
Forces common ownership of factor of production, Used in the former Soviet Union in agriculture and manufacturing.
Collectivization