Definitions for "Planned economy"
or command economy - one in which economic decisions (supply, prices, etc.) are made by the government rather than by market forces.
an economy that is controlled by the central government, which sets goals, priorities, production schedules, prices, etc. Planned economies are characteristic of socialist societies. Mistrusting the capitalist system of laissez faire, which results in social injustices, they attempt to promote the public good by manipulation of economic forces. As the economies of the Soviet Union and Eastern Europe under communism reveal, however, planned economies are rarely as prosperous or as efficient as those which embrace free enterprise. Sometimes called a command economy.
an economic system An economic system is a mechanism which deals with the production, distribution and consumption of goods and services in a particular society
a real alternative to inflationary financing of the war