Nonmarket Economy
Summary of Nonmarket Economy
Essentially, an economy that is centrally planned, i.e., allocation of resources is directed by a governmental authority, rather than by market forces. For purposes of trade reporting and other reasons, the U.S. government defines the following states as nonmarket economies:
China Bulgaria
USSR Hungary
Yugoslavia Albania
Poland Mongolia
Romania Vietnam
German Democratic Cuba
Republic Korea, North
Czechoslovakia
(Main Author: William J. Miller)
Leave a Reply