Final answer:
Central planning has some merit in achieving economic equity, as seen in countries like the former Soviet Union and China, but it also comes with trade-offs and potential inefficiencies.
Step-by-step explanation:
The argument that central planning helps achieve economic equity in society has some merit based on historical results, but there are also trade-offs to consider. In countries like the former Soviet Union, China, Vietnam, and North Korea, where the national government centrally controls the economy, there tends to be more equity but less efficiency. For example, these countries had five-year plans that determined what should be produced and how the benefits would be shared. However, this central control can lead to inefficiencies and economic problems, as seen in the case of China's 'Great Leap Forward' reforms. On the other hand, decentralized control, where communities collectively own and manage businesses, can also lead to more equity and efficiency at a smaller scale.