An economic system based on private ownership of productive resources and
allocation of goods according to the signals provided by free
markets.
An authoritarian socialist economy characterized by centralized planning
and detailed directives to productive units. Individual
enterprises have little discretionary decision making power.
An arrangement offered by most large firms in Japan whereby employees are
guaranteed employment until the age of 55 unless guilty of
misconduct.
A method of central planning employed in the Soviet Union and other
Eastern European countries whereby the planning agency keeps
track of the physical unit of resources and allocates them among
state enterprises in a manner that will permit each enterprise
to achieve its targeted output and thereby lead to the
fulfillment of the economy's central plan.
A system of economic organization in which (a) the ownership and control
of the basic means of production rest with the state and (b)
resource allocation is determined by centralized planning rather
than by market forces.
