Difference between revisions of "Central economic planning"
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A system of top-down authoritarian decision making. [[Central economic planning]] was the theoretical system of resource allocation in soviet and socialist forms of government in which private property was abolished and State control of the means of production was enforced. | A system of top-down authoritarian decision making. [[Central economic planning]] was the theoretical system of resource allocation in soviet and socialist forms of government in which private property was abolished and State control of the means of production was enforced. | ||
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| + | The basic theory of [[Central economic planning]] was that a committee of experts could much more rationally and efficiently direct a country's resources than the chaotic decentralized actions of millions of individuals through the market mechanism. | ||
Revision as of 18:24, 26 December 2015
A system of top-down authoritarian decision making. Central economic planning was the theoretical system of resource allocation in soviet and socialist forms of government in which private property was abolished and State control of the means of production was enforced.
The basic theory of Central economic planning was that a committee of experts could much more rationally and efficiently direct a country's resources than the chaotic decentralized actions of millions of individuals through the market mechanism.
