Central Planning

This article refers to an economy controlled by the state. For the proposed economic system that employes "participatory planning," see participatory economics. A planned economy is an economic system in which the state or government to one degree or another manages the economy. Its most extensive form is referred to as a command economy, centrally planned economy, or command and control economy) In such economies that the state or government controls manufacturing and formulates all decisions about their use and about the distribution of income, The planners decide what should be produced and direct enterprises to produce those goods. Planned economies are in contrast to unplanned economies, i.e. a market economy, where production, distribution, and pricing decisions are made by the private owners of the factors of production based upon their own and their customers' interests rather than upon furthering some overarching macroeconomic plan. Less extensive forms of planned economies include those that use indicative planning in which the state employs "influence, subsidies, grants, and taxes, but does not compel."
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