=====Planned Economy=====
===Lede===
A planned economy is an economic system where government bodies are responsible for making key decisions about the production and distribution of goods and services. This contrasts with market economies, where supply and demand dynamics dictate these aspects. Throughout history, various forms of planned economies have been implemented, particularly within socialist states where centralized control was used to direct resources and economic outcomes.

===Current State===
Today, planned economies are primarily observed in countries such as North Korea and Cuba. These systems involve centralized decision-making by government agencies or committees tasked with achieving social welfare objectives like equitable resource distribution. China and Vietnam operate as heavily state-directed economies that combine central planning with significant market elements, distinguishing them from the more fully planned systems of North Korea and Cuba. Mechanisms of a planned economy include setting production targets, controlling prices, and directly allocating resources. Unlike market economies, there is limited private sector involvement.

Institutions often involved in these processes are National Planning Committees, State-Owned Enterprises, and Ministries of Industry. Countries employing planned economies may use frameworks such as Five-Year Plans to set long-term economic goals. An example mechanism within this system is centralized resource allocation, which can include rationing systems to ensure equitable distribution.

The historical roots of planned economies can be traced back to various socialist states, with the Soviet Union's Gosplan being a prominent example of large-scale central planning efforts.

===Consensus Status===
N/A - no qualifying consensus

===Viewpoints===
Advocates of planned economies argue that such systems provide stability, reduce inequality, and allow for control over critical industries like healthcare and education. Critics point to inefficiencies, lack of innovation, and the potential for corruption due to centralized power structures. Some economists propose a mixed economy approach, suggesting it can leverage advantages from both planned and market economies. Supporters claim that planned economies facilitate rapid industrialization and development in strategic sectors. Additionally, environmentalists sometimes advocate for planning as a means to ensure sustainable resource use.

===Controversies===
The role of government in economic planning raises debates about its impact on individual freedoms and enterprise efficiency. There are disagreements regarding the balance between state control and market freedom in achieving social welfare goals. The historical example of the Soviet Union's Gosplan highlights challenges associated with large-scale central planning. Additionally, there is concern about how adaptable planned economies can be to global economic changes and technological advancements. Environmental sustainability remains a controversial topic, as planned economies can either mitigate or exacerbate ecological impacts depending on their policies.

===Related Pages===
- [[market-economy]]
- [[mixed-economy]]
- [[economic-planning-history]]
- [[socialist-economic-systems]]
- [[government-regulation-controversy]]

===Footnotes===
1. Yergin, Daniel, and Joseph Stanislaw. *The Commanding Heights: The Battle Between Government and the Marketplace That Is Remaking the Modern World*. Simon & Schuster, 1998.