An economy in which production, investment, prices, and incomes are determined centrally by the government: a shift from a planned economy towards a market system
More example sentences
- After all, at the turn of the millennium Eastern Europe was still in the middle of a painful process of economic restructuring from a centrally planned economy to a capitalist one.
- Transition of both national economies from planned economies to the free market system created brand new conditions and brought substantial changes in export and import destinations.
- As already mentioned, centrally planned economies put relatively large emphasis on industrial production at the expense of the service sector.
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