Cryptocurrency Q&A What is it called when the economy is controlled by the government?

What is it called when the economy is controlled by the government?

SolitudeSerenade SolitudeSerenade Wed Jan 15 2025 | 6 answers 1194
I want to know the term used to describe a situation where the government has control over the economy. I'm curious about the specific name or definition for such an economic system. What is it called when the economy is controlled by the government?

6 answers

CryptoWizardry CryptoWizardry Fri Jan 17 2025
The government sets the production levels for various goods and services within the economy.

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emma_anderson_scientist emma_anderson_scientist Fri Jan 17 2025
They argue that government oversight can ensure a fairer distribution of goods and services, preventing disparities in wealth and access.

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EnchantedSky EnchantedSky Fri Jan 17 2025
Furthermore, it controls the distribution of these goods and services, determining how they reach consumers.

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Silvia Silvia Fri Jan 17 2025
Price controls are also imposed by the government in a command economy.

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CryptoKnight CryptoKnight Fri Jan 17 2025
A command economy is characterized by the central government's direct involvement in economic activities.

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