non-market economy
Definition
Noun: An economic system where the allocation of resources, production levels, and distribution of goods and services are not primarily determined by market forces such as supply, demand, and price mechanisms. Instead, these decisions are made by a central governing authority, such as a government, according to a plan.
Usage
This term is used to describe and categorize national economies in economic theory, comparative politics, and international trade discussions. It often contrasts directly with the concept of a "market economy."
Examples
- The country was classified as a non-market economy for the purposes of determining anti-dumping duties.
- Economists study the transition from a non-market economy to a market-based system.
- In a non-market economy, the government typically sets prices and production quotas.
Advanced Usage
- The term is often used in legal and trade contexts, such as by the World Trade Organization (WTO) or in U.S. trade law, to define the status of a trading partner, which can affect how tariffs and trade remedies are calculated.
Variants and Related Words
- Planned Economy: A closely related synonym, emphasizing the central planning aspect.
- Command Economy: Another common synonym, highlighting the role of central authority commands.
- Centrally Planned Economy: A more descriptive variant.
- State-Directed Economy: A variant emphasizing government control.
Synonyms
- Command economy
- Planned economy
- Centrally planned economy
Antonyms
- Market economy
- Free-market economy
- Capitalist economy
Noun
-
an economy that is not a market economy
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