Planned economy

Definition of Planned economy

In planned economy (also known as centrally planned economy), the decisions regarding production and investments are incorporated by central authority, state or government rather than the joint venture between consumers and businesses. Public body such as government agency controls what is produced and in what way the resources should be distributed and used.

Books on Planned economy

Book 1 –

Economics By Anderton (published by Pearson Education India)

Book 2 –

Foreign Trade in a Planned Economy By Imre Vajda (published by CUP Archive, 1971)

How Planned Economy works?

In centrally planned economy considers that the market does not work in the best way interest if the people, and to achieve the goals of social national objects a central authority needs to make the decisions. There are numerous countries which believe in planned economics, for example,

North Korea, Turkmenistan, Cuba, Belarus, Myanmar, Laos, Iran, Libya, Iraq (until 2003).

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