Non-market Economy (Noun)
Meaning
An economy that is not a market economy.
Classification
Nouns denoting groupings of people or objects.
Examples
- A non-market economy is characterized by the absence of free market forces and the presence of government control over the means of production.
- The country's transition from a non-market economy to a market-based economy was a long and challenging process.
- In a non-market economy, the government typically plays a significant role in allocating resources and determining prices.
- The World Trade Organization has specific rules for dealing with countries that have a non-market economy, particularly when it comes to anti-dumping cases.
- The former Soviet Union was a classic example of a non-market economy, where the government controlled all aspects of the economy and made decisions on production and distribution.