- a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.
Compare market economy.
Origin of command economy
First recorded in 1940–45
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2018
- an economy in which business activities and the allocation of resources are determined by government order rather than market forcesAlso called: planned economy