command economy

[ kuh-mand i-kon-uh-mee ]

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.

command economy

noun

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

Word History and Origins

Origin of command economy¹

First recorded in 1940–45

Example Sentences

The truth is that America did take a step down from having a war-time command economy.

From The Daily Beast