Definition
- Long-term planning
- A government that owns the resources can direct them at long-run goals, such as railways or power stations, faster than private firms might.
Example
Can you think of an example of long-term planning?
The Soviet Union moved millions of people from farms into heavy industry within decades, at great human cost and with consumer goods scarce.
Test yourself
Can you name two advantages of a market economy and two of a command economy?