What was centralized planning
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Posted by Devesh Dubey 8 years, 2 months ago
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Amar Kumar 8 years, 2 months ago
Centralized planning means that decisions are not taken independently at local level, but holistically at a more central level. An economy primarily based on central planning is referred to as a planned economy. In a centrally planned economy the allocation of resources is determined by a comprehensive plan of production which specifies output requirements. The guidance of the economy by direct government control over a large portion of economic activity.
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