central planning
/sɛnˈtrəl plænɪŋ/ · cen·tral plan·ing
noun
- The process of making decisions and allocating resources for a country, organization, or economy, typically by a central authority. The government implemented a new system of central planning to manage the country's economy during the crisis.
- A system of economic organization in which the state or a central authority controls the production, distribution, and allocation of goods and services. The socialist government advocated for a decentralized economy, opposing the central planning system that had been in place for decades.
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Did you know? The concept of central planning has been debated and experimented with throughout history, with notable examples including the Soviet Union's Gosplan and China's Five-Year Plans.