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command economy |
Also found in: Dictionary/thesaurus, Wikipedia, Hutchinson | 0.03 sec. |
command economyEconomic 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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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An arch-critic of command economies who was hounded out of Europe in the '30s by the Nazis, he knew better than anyone that free markets give rise not only to lower prices but to all manner of powerful social change. Although they have long recognized the fatal weaknesses of centralized command economies and have come to a grudging respect for markets, they continue to view poverty-racked societies as victims largely of outside forces rather than their own values. The Than and Tan volume begins with an introductory essay by the coeditors in which they argue that the collapse of command economies, particularly in the Soviet Union, caused Vietnam's decision makers to rethink their ideological commitment to a centralized, command economy. |
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