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What are the differences between centrally planned economies and free market economies? How are they alike?

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1. I assume you must already know something about this and not asking from a complete loss. Anyway one thing that I once read that beautifully summed up the failings of centrally planned economies was this: From a USSR official to a UK minister "Who controls the bread supply to London?" Obviously no-one does, and that's why central planning cannot work. You should be able to work out from this what the differences and similarities are.