command economy

English - Turkish

Definition of command economy in English Turkish dictionary

(Ticaret) sosyalist ekonomi

(Ticaret) merkezi planlı ekonomi

English - English

Definition of command economy in English English dictionary

Alternative name of planned economy

In a command economy, business activities and the use of resources are decided by the government, and not by market forces. the Czech Republic's transition from a command economy to a market system. An economy that is planned and controlled by a central administration, as in the former Soviet Union. Economic 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

Hyphenation

com·mand E·con·o·my

Turkish pronunciation

kımänd ikänımi

Pronunciation

/kəˈmand ēˈkänəmē/ /kəˈmænd iːˈkɑːnəmiː/

Etymology

[ k&-'mand ] (verb.) 14th century. Middle English comanden, from Middle French comander, from Vulgar Latin commandare, alteration of Latin commendare to commit to one's charge; more at COMMEND.