Last Updated 12 May 2020

What is one way a country could change from a command economy to a market economy?

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A1: The main characteristic of the transition from a command economy to a market economy in any country is the privatization process which refers to all state-owned organizations and businesses. Other significant features include no price control by the government and no tariff barriers.

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A2: A country can turn into market economy only if there are fewer companies which are owned by government. There should be more a developed private sector. What is one way a command economy affects the lives of private citizens? It is that people can change their job positions relatively easily

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