planned economy

Cultural Dictionary

planned economy definition


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

Note: The former Soviet Union and other communist nations are examples of planned economies.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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