describe central planning
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Definition – A centrally planned economy is an economy where decisions on what to produce, how to produce and for whom are taken by the government in a centrally managed bureaucracy.
Central planning is also referred to as a ‘Command economy’ or ‘Communist economy.’
WIth Central planning, the theory is that the government will take ownership of the means of production and run the economy in the interest of workers. The theoretical basis of a planned economy stems from the work of Karl Marx
Central planning is also referred to as a ‘Command economy’ or ‘Communist economy.’
WIth Central planning, the theory is that the government will take ownership of the means of production and run the economy in the interest of workers. The theoretical basis of a planned economy stems from the work of Karl Marx
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