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

He justified this view by citing a dysfunctional banking system, a highly unstable currency, the absence of the rule of law guaranteeing private property, the failure of the centrally planned economy, and "completely dilapidated" infrastructure.

From Barron's • Mar. 21, 2026

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 • Dec. 15, 2025

But experts say Kim’s instructions were a reaffirmation of his push to restore elements of a socialist-style planned economy — under which a central authority controls the market rather than participants — on grain supply.

From Seattle Times • Mar. 1, 2023

To confront these challenges, Mr. Xi has increasingly reached back to Mao Zedong’s playbook when China was operating a planned economy and had few friends and self-reliance was a necessity.

From New York Times • Aug. 29, 2022

When the Soviet Union collapsed, the subsidies ended, and North Korea’s centrally planned economy stopped functioning.

From "Escape from Camp 14: One Man's Remarkable Odyssey from North Korea to Freedom in the West" by Blaine Harden