International Trade Meaning and Definition of Command Economy
Meaning of Command Economy
An economy based on government ownership and/or control of society’s resources; during the 20th century, the dominant form of command economy was communism.
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What is Command Economy?
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Definition of Command Economy
The Canada social science dictionary [1] provides the following meaning of Command Economy: An economy directed by state authorities, rather than market forces. There are a variety of command economies. In the ancient world, command was found in agricultural economies, especially those dependent on large scale systems of irrigation requiring extensive regional planning and coordination. The power to control water resources gave central authorities immense social and economic dominance. Mesopotamia (modern Iraq) and Egypt are examples. Large sectors of the economy were also commanded in other ancient and medieval societies like Rome, China and among the Inca. In modern times, command economies were dominant in the Soviet -style communist societies, where state central planning agencies allocated capital and resources, established production targets and fixed the levels of prices. Command economies, because they rely on centralized bureaucratic administration, appear to be inherently less efficient than market mechanisms in allocating resources and stimulating economic growth. Soviet-style central planning has now been generally abandoned as a method of economic management. See: STATE CAPITALISM in this legal dictionary and in the world encyclopedia of law.
Command Economy: Resources
Notes and References
- Drislane, R., & Parkinson, G. (2016). (Concept of) Command Economy. Online dictionary of the social sciences. Open University of Canada
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