Question

9. What is the difference between a market-capitalist economy and a command socialist economy? How do each of the systems in #9 differ from a command capitalist economy.

Answer 1

Market capitalist economy is nothing but an economy in which the entire economy and the ownership of resources and firms is actually controlled by private individuals where the market forces of demand and supply determine the quantities and prices on the whole. Command socialist economy is the core form of socialist economy wherethe ownership of resources as well as the control of the entire economy is with that of the the government will the government controls the resources and decides what to produce on the whole. Command capitalist economy is different it from each of the economies in a way where the control of ownership is with the private individuals and like socialist and the economy is controlled with the coordination of the state which is not in the case of market capitalist economy.