Comhroinn Fuaime

Sometimes, these economies are referred to as ‘planned economies’, because the production and allocation of resources is planned in advance rather than being allowed to respond to market forces. The perceived advantage of a planned economy is suggested to be low levels of inequality and unemployment, with the common good replacing profit as the primary incentive of production. However, this may not be the case and large inequalities can arise, as seen in countries such as Russia and Venezuela. T