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command economy

[ kuh-mand i-kon-uh-mee ]

noun

  1. a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned.

command economy

noun

  1. an economy in which business activities and the allocation of resources are determined by government order rather than market forces Also calledplanned economy
“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012
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Word History and Origins

Origin of command economy1

First recorded in 1940–45
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