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planned economy

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noun
  1. an economic system in which the government controls and regulates production, distribution, prices, etc.

Origin of planned economy

First recorded in 1930–35
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
British Dictionary definitions for planned economy

planned economy

noun
  1. another name for command economy
Collins English Dictionary - Complete & Unabridged 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012

planned economy in Culture

planned economy

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

Note

The former Soviet Union and other communist nations are examples of planned economies.
The New Dictionary of Cultural Literacy, Third Edition Copyright © 2005 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.