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A Centrally Planned Economy (CPE) is an economic system in which the government makes all economic decisions. This type of economy is characterized by government ownership of the means of production, central planning of economic activity, and the absence of market forces. In a CPE, the government sets production goals, determines prices, and allocates resources. This type of economy is often seen in countries with authoritarian governments, such as the former Soviet Union.
In a CPE, the government is the sole provider of goods and services. This means that the government is responsible for the production, distribution, and pricing of goods and services. The government also sets wages and determines the level of employment. This type of economy is often criticized for its lack of economic freedom and its inefficiency.
Some companies in the CPE market include state-owned enterprises, such as the Russian oil company Rosneft, the Chinese telecommunications company China Mobile, and the Indian steel company Steel Authority of India. These companies are owned and operated by the government and are responsible for providing goods and services to the public. Show Less Read more
