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Usually occur in democratic states Usually occur in communist or authoritarian states Individuals and businesses make their own economic decisions.
Free-Market Economies In free-market economies, which are essentially capitalist economies, businesses and individuals have the freedom to pursue their own economic interests, buying and selling goods on a competitive market, which naturally determines a fair price for goods and services.
Command Economies A command economy is also known as a centrally planned economy because the central, or national, government plans the economy.
Generally, communist states have command economies, although China has been moving recently toward a capitalist economy. In a communist society, the central government controls the entire economy, allocating resources and dictating prices for goods and services. Some noncommunist authoritarian states also have command economies.
In times of war, most states—even democratic, free-market states—take an active role in economic planning but not necessarily to the extent of communist states. During World War II, the United States largely took control of the American economy, forcing businesses to build tanks, planes, and ammunition instead of normal consumer goods.
Supplies were also rationed. For example, to buy more toothpaste, people were obliged to return the empty tube because metal was in short supply.
Inefficiencies of Command Economies Command economies are often very inefficient because these economies try to ignore the laws of supply and demand.
In most cases, a black market arises to fill the demands overlooked by the central plan. Economic growth overall is often slower than in states with free markets. Some command economies claim to act to promote economic equality, but often the elites in the government live far better than others.
The Triumph of Capitalism Although command economies were once considered viable alternatives to free-market capitalist economies, poor economic performance in countries with planned economies proved that capitalism was much more efficient. China has since legalized the ownership of private property and courted massive amounts in foreign investments, despite the fact that the state remains severely authoritarian.
Mixed Economies A mixed economy combines elements of free-market and command economies.
Even among free-market states, the government usually takes some action to direct the economy. These moves are made for a variety of reasons; for example, some are designed to protect certain industries or help consumers. In economic language, this means that most states have mixed economies.
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In other cases, they work to protect domestic agriculture. Even the price of milk is strongly influenced by government policy in the United States.Three societal dynamics underlie the development of postmodernity: the expansion of the state, the explosion of the knowledge industry, and the development of the new mass media.
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