COMMAND ECONOMY


Meaning of COMMAND ECONOMY in English

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 .

Britannica Concise Encyclopedia.      Краткая энциклопедия Британика.