What is another word for planned economy?

Pronunciation: [plˈand ɪkˈɒnəmi] (IPA)

A planned economy, sometimes known as a command economy, is a system in which the government directs and controls all resources and economic activities. There are several synonyms to describe this type of economy, including a controlled economy, a directed economy, and a centrally planned economy. Other related terms include state socialism and communist economy. These synonyms emphasize the idea that a planned economy is characterized by a centralized decision-making process, often dictating resource allocation in terms of production and distribution. While some may view this as a more efficient system, others may argue that it stifles innovation and individual freedoms.

What are the hypernyms for Planned economy?

A hypernym is a word with a broad meaning that encompasses more specific words called hyponyms.
  • Other hypernyms:

    economic system, economic structure, economic organization, economic regime, macroeconomic system.

Famous quotes with Planned economy

  • American clipper ships opened the British ports to free trade. Half a century of American smuggling and rebellion and costly ineffectual blockades; seven years of war in America, and the loss of the thirteen colonies; and all the sound and sensible arguments of English liberals and economists, could not break down the British planned economy. American clipper ships did it.
    Rose Wilder Lane

Related words: socialist planned economy, planned economy definition, planned economies, planned economics

Related questions:

  • What is a planned economy?
  • Does a planned economy work?
  • Is a planned economy successful?
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