Final answer:
Very few countries have a strict command economy because such systems typically result in poor economic growth and lack of innovation. The complexities and tradeoffs between equity and efficiency prompt countries to adopt mixed economies, where they incorporate elements of both command and market economies to various extents.
Step-by-step explanation:
One of the main reasons that there are very few strictly command economies in the world today is due to the lack of economic growth and innovation within such systems.
In a command economy, the government decides on the production, prices, and wages, which can result in a stagnation, as individuals and corporations have little incentive for innovation or improvement. Modern examples include Cuba and North Korea, but even these have some market characteristics.
Historically, countries like the Soviet Union and China tried to follow the command economy model but faced severe difficulties. The Soviet Union dissolved in 1991 shifting towards a more market-based system, and China, after its 'Great Leap Forward', began market-oriented reforms in 1978 due to the inefficiency and inequality that hampered economic growth.
Most world economies today are mixed, with varying degrees of market and command systems. The U.S. leans heavily towards a market-oriented system, while European and Latin American countries exhibit more government involvement.
The Heritage Foundation provides insights into how market-oriented different economies are. Mixed economies seek to balance the tradeoffs between equity and efficiency, which are complex and still subject to debate within the sphere of economics.