communist economy JUST WRITTEN FOR YOU
/kəˈmjuːnɪst ˌɛkəˈnɒmɪ/ · com·mu·nist e·co·nom·y
noun
- An economic system in which the means of production, distribution, and exchange are owned and controlled by the community as a whole, with the goal of achieving economic equality and eliminating social classes. The communist economy of Cuba has been a subject of interest for economists and policymakers around the world.
- A type of planned economy in which the state plays a significant role in the allocation of resources and the distribution of goods and services. The communist economy of the Soviet Union was characterized by a centralized planning system and a strong emphasis on heavy industry.
Synonyms
command economyplanned economysocialist economystate-controlled economycollectivist economyredistributive economyegalitarian economystate-owned economy
Antonyms
Did you know? The concept of a communist economy has been influential in shaping the economic policies of many countries, including China, which has implemented a unique blend of communist and capitalist principles in its economic system.