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command economy

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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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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
British Dictionary definitions for command economy

command economy

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