planned economy
Noun
Meaning
planned economy (plural planned economies)
(economics, politics) An economic system in which government directly manages supply and demand for goods and services by controlling production, prices, and distribution in accordance with a long-term design and schedule of objectives.
Synonyms
Antonyms
Examples
After a transition from a planned economy to a free market one, Lithuania became a full member of NATO and the European Union in the spring of 2004 and a member of the Schengen Agreement on 21 December 2007.
Gustav's skepticism toward the Nazis waned when Hitler dropped plans to nationalize business, the Communists gained seats in the November 6 elections, and Chancellor Kurt von Schleicher suggested a planned economy with price controls.
Already as the President of Guinea-Bissau, Luís Cabral tried to impose a planned economy in the country, and supported a socialist model that left the economy of Guinea-Bissau itself ruined.
Hyperinflation hit the ruble, due to monetary overhang from the days of the planned economy.
Privatization in Croatia and transformation from a planned economy to a market economy was thus slow and unsteady, largely as a result of public mistrust when many state-owned companies were sold to politically well-connected at below-market prices.
A planned economy is not the definition of socialism, because there is planning under capitalism; the market economy happens under socialism, too.