COMMAND ECONOMY

The course on Command Economy provides an in-depth understanding of economic systems in which the government or central authority controls and regulates the production, distribution, and consumption of goods and services. Students will explore the principles, structure, and functioning of a command or planned economy, examining how central planning shapes industrial development, resource allocation, and pricing mechanisms.

The course emphasizes the comparative study of command economies with market and mixed economies, highlighting their strengths, weaknesses, and real-world applications. Key areas include centralized planning, public ownership of resources, government-controlled pricing, and socio-economic objectives such as equity, stability, and rapid industrialization.

Through case studies of historical and contemporary examples—such as the Soviet Union, Cuba, and North Korea—students gain insight into the practical challenges and benefits of government-directed economic systems. The course also addresses policy-making, efficiency concerns, and the role of innovation within planned economies.

By the end of the course, learners will be able to critically analyze economic policies, understand the socio-economic impact of centralized control, and evaluate the relevance of command economy principles in modern global contexts.