planned economy

American  

noun

1. an economic system in which the government controls and regulates production, distribution, prices, etc.

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planned economy British  

noun

1. another name for command economy

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planned economy Cultural  

1. A type of economy in which some central authority makes a wide range of decisions pertaining to production and wages.

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The former Soviet Union and other communist nations are examples of planned economies.

Etymology

Origin of planned economy

First recorded in 1930–35

Example Sentences

The economist Friedrich Hayek maintained that a centrally planned economy could not work because the number of relevant and changing facts that the planners would need to know and understand is simply too large.

From The Wall Street Journal

China’s film industry was operating under a planned economy when Wang Xiaoshuai graduated from Beijing Film Academy in 1989.

From New York Times

It was not until later that he learned about the mass layoffs that swept northeastern China in the 1990s, during the country’s shift from a planned economy toward a market-based one.

From New York Times

Home ownership in China has vastly expanded over the past few decades, after a sweeping housing reform that gave workers ownership of homes that were previously assigned to them by the state-owned companies and agencies that once employed most city dwellers in the formerly centrally planned economy.

From Seattle Times

China came out of its Maoist planned economy in the 1980s as a largely rural society, badly in need of factories and infrastructure.

From Reuters