What factors determine the choice of the economic system by the various post-Soviet republics?

Economics Dec 02, 2020

Expert Solution

When these states were parts of Soviet Union, the economy was a Command economy. In such an economy government decides what should be produced and price is also determined by the government. So the market forces (such as Demand and Supply) have no major roles for choice of the economy. But after the collapse of Soviet Union, these states moved to market economic system. So now the choice is made by the market forces (Demand from customer side and Supply from producer side)

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