Meaning of the word "planned economy" in English
What does "planned economy" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.
planned economy
US /ˈplænd ɪˈkɑːnəmi/
UK /ˈplænd iˈkɒnəmi/
Noun
an economic system in which the government controls the means of production and distribution of goods and services
Example:
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Many communist countries historically operated under a planned economy.
•
The transition from a planned economy to a market economy can be challenging.
Related Word: