controlled economy
Government-managed economic system
A controlled economy is one in which government directs production, distribution, and pricing rather than leaving these to market forces.
The term often describes wartime economies or socialist systems where central planning replaces private enterprise: During the war, the controlled economy rationed everything from gasoline to butter.
Also called a command economy or planned economy.
- plannedDecided on beforehand
- central planningGovernment directs all production
- socialistProponent of collective ownership
- communistCollectivist political adherent
- SovietOf the USSR
command · centralized · state-run · nationalized · rationing · ration card · quota · collectivized · bureaucratic · regulation · subsidized · price-fixing · propaganda · scarcity · bread lines · breadlines · black market · Marxist
controlled economyfree market
Commerce without state intervention
free market economy · market economy · laissez-faire · capitalism · free enterprise
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