planned economies
Government controls output
Planned economies are economic systems in which a central authority—typically a government—makes decisions about production, distribution, and pricing rather than leaving these to market forces.
The state determines what goods are produced, in what quantities, and at what prices, often through multi-year plans.
The Soviet Union operated as a planned economy for most of the twentieth century.
The term contrasts with market economies, where supply and demand guide economic activity, and is sometimes used interchangeably with command economies.
- collectivizationForced communal ownership transfer
- collective farmsJointly worked agricultural land
- heavy industryCapital-intensive manufacturing sector
- state-ownedBelonging to government
- quotaFixed assigned amount
allocation · consumer goods · state socialism · regulations · redistribution · nationalization · production quotas · Soviet Union · iron curtain · Warsaw Pact · Eastern Bloc · Cuba · shortages · bread lines · black market · public ownership · industrialization · price controls
planned economiesmarket economies
Commerce-driven economic systems
free markets · capitalism · laissez-faire economics · free enterprise · market systems
planned economiesprivate enterprise
Individually owned business operation
planned economieslaissez-faire
Noninterference in commerce
free markets · neoliberalism · classical liberalism · Thatcherism · Reaganomics
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