socialist planning
State-directed production system
Socialist planning is the coordination of economic activity by a central authority rather than by market mechanisms.
In its fullest form, the state determines what goods are produced, in what quantities, and at what prices—replacing the signals of supply and demand with deliberate allocation.
The Soviet Union's five-year plans were the iconic example of socialist planning.
Critics argue it cannot match the efficiency of markets; proponents counter that it can direct resources toward social goals that markets ignore.
- centralized authorityGovernance from single point
- central committeeExecutive governing body
- collective ownershipJoint holding by many
- common goodBenefit shared by all
- state apparatusInstitutions enforcing governmental authority
party congress · worker councils · mixed economies · five-year plans · production quotas · economic equality · bread lines · iron curtain · state ownership · public goods · ration · resource allocation · means of production · plan · hammer · red flag · factory · meeting
socialist planninglaissez-faire economics
Minimal state economic involvement
market economy · free enterprise · capitalism · private enterprise · competitive markets
socialist planningspontaneous order
Pattern emerging without design
private ownership · market forces · invisible hand · competitive markets · deregulation
socialist planningReaganomics
Supply-side fiscal philosophy
Thatcherism · libertarianism · objectivism · individualism · classical liberalism
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