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planned economy

noun
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Definition of planned economy

: an economic system in which the elements of an economy (as labor, capital, and natural resources) are subject to government control and regulation designed to achieve the objectives of a comprehensive plan of economic development — compare free economy, free enterprise

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“Planned economy.” Merriam-Webster.com Dictionary, Merriam-Webster, https://www.merriam-webster.com/dictionary/planned%20economy. Accessed 21 Jun. 2021.

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