Ok that’s a great deal more based of you than how centrally planned economies are discussed and explained in formal economic education!
Actually kind of a relief to hear XD
Historically, centrally planned economies refer to a system where a (usually arbitrarily appointed / unelected / unaccountable) committee makes all the decisions about what is produced, how, and for whom. Typically, this tended to result in the members of a centralized planning committee becoming corrupted by greed and making economic decisions that personally benefited themselves.
Replacing the committee with the consensus of the population would likely be better described as decentralized / distributed / democratized rather than centralized planning.
Ok that’s a great deal more based of you than how centrally planned economies are discussed and explained in formal economic education! Actually kind of a relief to hear XD
Historically, centrally planned economies refer to a system where a (usually arbitrarily appointed / unelected / unaccountable) committee makes all the decisions about what is produced, how, and for whom. Typically, this tended to result in the members of a centralized planning committee becoming corrupted by greed and making economic decisions that personally benefited themselves.
Replacing the committee with the consensus of the population would likely be better described as decentralized / distributed / democratized rather than centralized planning.