Definition

1. Noun:
   • A centrally planned economic system: A "communist economy" is a type of economic system where the state, representing the collective, owns and controls the major means of production (like factories, land, and resources). The central government makes key decisions regarding what to produce, how to produce it, and how to distribute goods and services, aiming to eliminate social classes and private profit.

Usage

• The term is used to describe the economic structure of states adhering to communist ideology.
• It is often discussed in contrast to capitalist or market economies.
• It functions as a compound noun, typically used in political, historical, and economic contexts.

Examples

• Noun:
  • The transition from a communist economy to a market-based system was challenging for many Eastern European countries.
  • In a theoretical communist economy, the allocation of resources is intended to meet human needs rather than generate profit.

Advanced Usage

• "The failures of the communist economy": A common phrase used in historical and critical analyses to discuss the economic difficulties faced by centrally planned states.
  • Many scholars point to the inefficiencies and lack of innovation as key reasons for the collapse of the communist economy in the Soviet Union.

Variants and Related Words

• Planned economy (n): A broader term for an economy directed by a central government; a communist economy is a specific type of planned economy.
• Command economy (n): Often used synonymously with a centrally planned or communist economy.
• State socialism (n): A related political and economic system where the state owns and manages the economy, sometimes used interchangeably in certain contexts.

Synonyms

• Centrally planned economy: Emphasizes the top-down control of economic planning.
• Command economy: Highlights the role of state authority in economic directives.

Antonyms

• Market economy: An economic system where decisions are guided by supply and demand in the open market.
• Capitalist economy: An economic system based on private ownership of the means of production and profit motive.

Noun

1. the managed economy of a communist state