command economy

noun
a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.
Compare market economy.


Origin:
1940-45

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World English Dictionary
command economy
 
n
Also called: planned economy an economy in which business activities and the allocation of resources are determined by government order rather than market forces

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Foreign investment and business support have helped in the transition from the
  old command economy to a market economy.
The slow but steady transition from a centralized command economy to a market
  economy continued.
The transition from a centralized command economy to a market economy continued.
Ingrained business ideas, formed and nurtured during fifty years under a
  command economy, will be difficult to rewire.
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