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command economy |
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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. Want to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit the webmaster's page for free fun content. |
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