economic planning
Centralized resource allocation
Economic planning refers to government direction of a nation's economy through centralized decision-making about production, distribution, and resource allocation.
In its strongest form, associated with communist states, planners set output targets and prices rather than letting markets determine them.
Mixed economies practice softer versions, with governments setting broad goals while leaving most decisions to private actors.
The five-year plan was the hallmark of Soviet economic planning.
The term often carries ideological weight, praised by some as rational coordination and criticized by others as inefficient interference.
Government acquisition of industry
- collectivizationForced communal ownership transfer
- redistributionSharing out again differently
- SovietOf the USSR
- MarxistCommunist theory follower
Allocating funds systematically
- forecastingEstimating future conditions
- allocationDistribution of shares
- blueprintDetailed technical drawing
- roadmapDetailed plan forward
objectives · prioritization · contingency · projection · timeline · milestones · implementation · stakeholder
Maximizing efficiency or performance
- allocationDistribution of shares
- cost-benefitComparing expenditure to return
- streamliningMaking more aerodynamic or efficient
- productivityOutput relative to input
input-output · benchmarking · automation · rationing · scarcity · bottleneck · throughput · quota
Basic physical systems
- industrializationTransition to factory-based economy
- modernizationAdoption of current methods
- investmentDeploying capital for returns
- employmentPaid occupation status
diversification · urbanization · education · healthcare · reform · governance · regulation · privatization
National output abbreviation
- expansionIncrease in scope
- prosperityGood fortune, success
- tradeExchange of commodities
- exportsGoods sold abroad
imports · inflation · industrialization · stimulus · austerity · boom · recession · forecasting
Preventing waste or loss
- decarbonizationEliminating fossil fuel emissions
- intergenerationalInvolving multiple age groups
- resilienceCapacity to recover quickly
- low-carbonMinimal CO2 output
nationalization
Government acquisition of industry
- collectivizationForced communal ownership transfer
- redistributionSharing out again differently
- SovietOf the USSR
Marxist · cooperative · commune · dirigisme
budgeting
Allocating funds systematically
- forecastingEstimating future conditions
- allocationDistribution of shares
- blueprintDetailed technical drawing
roadmap · objectives · prioritization · contingency · projection · timeline · milestones · implementation · stakeholder · coordination
optimization
Maximizing efficiency or performance
- allocationDistribution of shares
- cost-benefitComparing expenditure to return
- streamliningMaking more aerodynamic or efficient
productivity · input-output · benchmarking · automation · rationing · scarcity · bottleneck · throughput · quota · surplus
infrastructure
Basic physical systems
- industrializationTransition to factory-based economy
- modernizationAdoption of current methods
- investmentDeploying capital for returns
employment · diversification · urbanization · education · healthcare · reform · governance · regulation · privatization · liberalization
GDP
National output abbreviation
- expansionIncrease in scope
- prosperityGood fortune, success
- tradeExchange of commodities
exports · imports · inflation · industrialization · stimulus · austerity · boom · recession · forecasting
conservation
Preventing waste or loss
- decarbonizationEliminating fossil fuel emissions
- intergenerationalInvolving multiple age groups
- resilienceCapacity to recover quickly
- Cold WarBerlin Wall, Iron Curtain, arms race, Warsaw Pact, Cuban Missile Crisis
- communismMarx, Marxism, Leninism, Lenin, proletariat
- economic policymonetary policy, tax policy, fiscal discipline, fiscal stimulus, fiscal restraint
- socialismMarxism, communism, proletariat, bourgeoisie, communal ownership
- Communist ChinaCommunist Party, People's Republic, Great Leap Forward, Gang of Four, Central Committee
- Depression EraGreat Depression, Hooverville, breadline, dust storms, soup kitchen
economic planninglaissez-faire
Noninterference in commerce
free market · laissez-faire economics · market economy · free enterprise · invisible hand
planned, economy, planning, economic, planner, unplanned, economical, economics, economize