Scenario: Learning the American Way Sergei Chernovl is a Russian exchange student. To learn more about how a market economy functions, Sergei is conducting research comparing businesses in Russia with businesses in the United States. Sergei believes that it is important to know the origin of the economic system in each country. He learns that the idea of central economic planning that was practiced in Russia, was popularized in the nineteenth century by .

He learns that the idea of central economic planning that was practiced in Russia, was popularized in the nineteenth century by Karl Marx.

An economy in which the decisions that are related to what to produce, how to produce and for whom the products must be produced are framed by the government then those economy are referred as A centrally planned economy. This type of economy can also be called as 'Communist economy or Command economy.

Karl Marx was an economist and a philosopher, sociologist and historian. He made many contributions to the economy. In the scenario given, Sergei Chernovl  learns that the idea of central economic planning that was practiced in Russia, was popularized in the nineteenth century by Karl Marx.