What is a centrally planned economy?
You’re probably familiar with how a market economy works through the forces of supply and demand, but if you’ve ever wondered how communist economics functioned, Investopedia has a good primer. It covers which countries historically employed such a model and why; how those states made economic decisions; and how even free-market societies like the US sometimes borrowed elements from command economies, such as price controls and rationing, in times of war or national emergency.



