What is another word for palace economy?
Pronunciation: [pˈalɪs ɪkˈɒnəmi] (IPA) 
Palace economy has been a term commonly used in history to describe the economic structure of early civilizations in which the rulers or elites controlled every economic aspect of the society. However, there are many synonyms that can be used to describe this kind of economy, such as autocracy, absolutism, despotism, dictatorship, tyranny, monarchism, and feudalism. These synonyms suggest that the palace economy is characterized by a centralized form of governance in which power is concentrated in the hands of a few rulers or elites. In addition, the term suggests that the economy is largely dominated by the interests of these rulers, rather than those of the people they govern.
