Although the world has seen multiple centrally planned economies, two of the few remaining examples as of 2015 are Cuba under Fidel and Raul Castro and North Korea under the Kim dynasty, according to the Heritage Foundation and Asian Trade Hub. The most notable historic examples of centrally planned economies include Russia under Joseph Stalin and China under Mao Zedong, according to About News.Continue Reading
Boston University reports Stalinist Russia was defined by Stalin's collectivization of the agricultural sector and total confiscation of all peasant property. In the same vein, the state had total control over all natural resources. This centralized control over capital enabled the state to invest heavily in the military and industry.
Mao's China resulted in a similar concentration of capital at the state level, states Oxford Bibliographies. Like Russia, Mao successfully collectivized agricultural production through rural communes and effectively eliminated natural market forces. However, unlike Russia, China was extremely impoverished from the onset and struggled with a slew of devastating famines; upwards of 30 million Chinese citizens died of starvation during Mao's experiment in collectivized agriculture. Maoist China's Cultural Revolution eventually became the straw that broke the camel's back as the country's feeble command economy fell quickly into its deepest recession.Learn more about Economics