planned economy


noun

an economic system in which the government controls and regulates production, distribution, prices, etc.
Compare free enterprise.

Origin of planned economy

First recorded in 1930–35

British Dictionary definitions for planned economy

planned economy

noun

another name for command economy

Cultural definitions for planned economy

planned economy

A type of economy in which some central authority makes a wide range of decisions pertaining to production and wages.

notes for planned economy

The former Soviet Union and other communist nations are examples of planned economies.