What are the distinguishing features between Centrally Planned Socialism and Centrally Planned Capitalism? Give examples of two or more countries which follow these systems
What will be an ideal response?
In Centrally Planned Socialism, the state has broad powers to serve the public interest as it sees fit. Ownership of entire industries as well as individual enterprises belongs to the government. The elements of the marketing mix are not used as strategic variables. In Centrally Planned Capitalism, economic system command resource allocation is utilized extensively in an overall environment of private resource ownership. In Sweden, the government controls two-thirds of all expenditures, and the resource allocation is more "command" oriented than "market" oriented. This would be an example of centrally planned socialism although it can have elements of capitalism. China is an example of centrally planned socialism.
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Jennifer makes jewelry involving the colors, logos, and mascots of local high school sports teams. She loves that her job lets her meet people in her small community
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