central planning

This term describes a command economy where the state replaces the market mechanism. It carries a strong association with 20th-century socialist and communist regimes, often evoking connotations of inefficiency, bureaucracy, and a lack of consumer choice in political and economic discourse.

Because it refers to a systemic economic approach, it is treated as an uncountable noun. It is rarely used in the plural and is typically paired with verbs like "implement," "abandon," or "critique" to describe the lifecycle of such an economic policy.