See Also: Planned economy or command economy(finance)
Command Economy(money)
command economy(encyclopedia)
command(1)(dictionary)
COMMAND(law)
second-in-command(dictionary)
command(2)(dictionary)
high command(dictionary)
command post(dictionary)
command performance(dictionary)

command economy (sh)




Economic system in which the means of production are publicly owned and economic activity is controlled by a central authority.

Central planners determine the assortment of goods to be produced, allocate raw materials, fix quotas for each enterprise, and set prices. Most communist countries have had command economies; capitalist countries may also adopt such a system during national emergencies (e.g., wartime) in order to mobilize resources quickly. See also capitalism; communism.