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{{DISPLAYTITLE:Planned economy}} | {{DISPLAYTITLE:Planned economy}} | ||
[[File:Five year plan poster.png|thumb|Under the Soviet Five Year Plans, the amount of heavy industry in the [[USSR]] increased exponentially.]] | [[File:Five year plan poster.png|thumb|Under the Soviet Five Year Plans, the amount of heavy industry in the [[USSR]] increased exponentially.]] | ||
A '''Planned economy''' is a type of economy in which goods, services, and production are organised in accordance with a coherent plan. Because a planned economy, particularly one that is [[Central Planning|centrally planned]], often contains little-to-no [[Bourgeoisie| | A '''Planned economy''' is a type of economy in which goods, services, and production are organised in accordance with a coherent plan. Because a planned economy, particularly one that is [[Central Planning|centrally planned]], often contains little-to-no [[Bourgeoisie|Capitalists]], and [[Capitalism]] itself would be removed from society in favour of [[Socialism]], a planned economy is commonly rationally planned based upon human need, rather than the wanton self-interest and greed of individual [[Dictatorship of the bourgeoisie|bourgeois-oligarchs]], states with planned economies have usually been able to virtually eliminate homelessness, mass hunger, and unemployment.<ref>{{News citation|author=Stephen Gowans|newspaper=gowans.blog|title=Do Publicly Owned, Planned Economies Work?|date=2012-12-21|url=https://gowans.blog/2012/12/21/do-publicly-owned-planned-economies-work/|retrieved=2022-8-2|quote=The Soviet Union was a concrete example of what a publicly owned, planned economy could produce: full employment, guaranteed pensions, paid maternity leave, limits on working hours, free healthcare and education (including higher education), subsidized vacations, inexpensive housing, low-cost childcare, subsidized public transportation, and rough income equality.}}</ref> | ||
Planned economies have historically been a primary component of [[Socialist state| | Planned economies have historically been a primary component of [[Socialist state|Socialist states]], and furthermore have often produced consistent economic growth in the nations which had them. The main examples of modern planned economies are those within the [[Democratic People's Republic of Korea]] and the [[Republic of Cuba]]. | ||
== See also == | == See also == | ||