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Definition of COMMAND ECONOMY
: an economic system in which activity is controlled by a central authority and the means of production are publicly owned
First Known Use of COMMAND ECONOMY
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 alsocapitalism; communism.