command economy

American  

[kuh-mand i-kon-uh-mee] / kəˈmænd ɪˌkɒn ə mi /

noun

1. a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.

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command economy British  

noun

1. Also called: planned economy.  an economy in which business activities and the allocation of resources are determined by government order rather than market forces

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Etymology

Origin of command economy

First recorded in 1940–45

Compare meaning

How does command-economy compare to similar and commonly confused words? Explore the most common comparisons:

• market economy vs. command economy

Example Sentences

In today’s world, fewer authoritarian states run a command economy.

From Washington Post

Much of that dates to the Soviet era, transporting gas from vast energy fields in Russia westward, when Moscow sought badly needed funds for its faltering command economy and Western suppliers to help build its pipelines.

From Seattle Times

"That's not to say that the market has no role, it's not to say we go straight over to a kind of command economy," he said.

From BBC

The now-dismantled Soviet Union was dominated by the Communist Party, which controlled the state's political and economic system and for the most part operated a "command economy," with complete authority to set the prices, production and distribution of goods and services.

From Salon

But he was also quick to launch reforms to move Cuba away from a Soviet-style command economy after the fall of the Berlin Wall plunged the Caribbean island nation into economic crisis.

From Reuters