command economy JUST WRITTEN FOR YOU
/kɒmˈænd ɪkˈɒnəmi/ · com·mand·e·co·n·o·my
noun
- An economic system in which government directly manages supply and demand for goods and services by controlling production, prices, and distribution in accordance with a long-term design and schedule of objectives. The country's command economy struggled to adapt to changing global market conditions.
- A system of economic organization in which the government exercises direct control over the means of production and distribution of goods and services. The command economy of the Soviet Union was characterized by a lack of competition and innovation.
Synonyms
planned economystate-controlled economycontrolled economyregulated economymanaged economycentralized economystate-directed economydirected economy
Antonyms
Did you know? The concept of a command economy was first introduced by the Soviet economist Vladimir Lenin, who believed that a planned economy was necessary for the development of socialism.