an economic system in which the government controls and regulates production, distribution, prices, etc.
Compare free enterprise.
Origin of planned economy
First recorded in 1930–35
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A type of economy in which some central authority makes a wide range of decisions pertaining to production and wages.
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.