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?
  • Word of the Day

    fraternal benefit society benefits
    The antonyms for "fraternal benefit society benefits" are difficult to pinpoint as they are more conceptual than actual opposites. However, some potential antonyms may include "ind...