planned economy

noun

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

planned economy

noun

1. another name for command economy

planned economy

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

Notes

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

Word History and Origins

Origin of planned economy¹

First recorded in 1930–35

Example Sentences

Veiled criticism of the report emerged soon after its publication, with German Finance Minister Christian Lindner saying EU joint borrowing would not solve structural problems, and that the main problem was not a lack of subsidies, but bureaucracy and a planned economy.

From BBC

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