Why Do Countries Turn to Command Economies?

The video tutorial discusses command economies, where a central authority controls production factors, contrasting with market economies. It highlights inefficiencies, lack of innovation, and limited consumer choice in command economies. Despite these drawbacks, some countries find them appealing for promoting economic equality and handling large projects. Historical examples include the Soviet Union and North Korea. The video concludes by noting the global shift towards mixed economies.

How do command economies impact individual liberties and innovation?

What historical examples illustrate the failures of command economies?