In contrast to laissez-faire capitalism, where government has no economic influence, the decision of output production is completely under the discretion of the government.
In a command economy, the government has complete authority over the economy it oversees. Government regulation of salaries and prices, restricted property rights, government ownership of important companies and industries, and active black markets are all characteristics of this economy.
Laissez-faire is a free-market, capitalist economic theory that rejects government interference. The French Physiocrats, who lived in the 18th century, created the laissez-faire ideology. According to proponents of laissez-faire, government involvement in industry and markets hinders economic progress.
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