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Glite Dictionary
non-market economy

non-market economy

1 7.9
An economy where the government decides what is made and sets prices instead of markets
  • noun
  • /nɒnˈmɑrkɪt ɪˈkɒnəmi/
  • Specialized
translation icon : economía no de mercado
  • It relies on both price and private property, and thus would not be able to exist in a non-market economy.

Examples

  • In fact, the case-by-case approach had been practiced by the U.S. administration before the formal policy on this issue was shaped and applied to the non-market economies like those of China and Russia.

    Academic text (1996)

  • Our contention is that this is a U.S.-based, U.S.-led launch services company, and the quotas they have established for non-market economies do not apply," said Allen Ashby, vice president of business development at Boeing Commercial Space Company.

    Academic text (1996)

  • Many countries struggle to adapt to a non-market economy where the government dictates prices.

  • In a non-market economy, the government plays a key role in controlling resources and production.

  • Countries like North Korea operate under a non-market economy, limiting private enterprise and market forces.

Synonyms

managed economy
vsnon-market economy
  • Specialized
1 7.0

A system where the government decides prices and directs goods and investment

gives government full control over resources, production, and prices instead of markets

Antonyms

market economy
  • Specialized
93 3.0

A system where people and businesses buy and sell goods and prices are set by supply and demand

How Market-Oriented

market economy
  • Specialized
93 3.0
mixed economy
  • Specialized
2 4.1
regulated
4.1
non-market economy
  • Specialized
1 7.9

Surface Forms

non-market economy singular
non-market economies plural

Morphology

non-market + economy

The meaning is compositionally derived: 'non-market' = not market-based (negative prefix + market) and 'economy' = production/distribution system, so a B1 learner who knows the parts can infer an economy not organized by market forces. The negative prefix 'non-' and the concepts 'market'/'economy' are cross-linguistically common, supporting immediate comprehension from the constituents.

Etymology

Non-market economy comes from the idea of a market as a place where buyers and sellers decide prices and what to make. In a non-market system the government decides what to produce and what to charge, so the phrase now means an economy 'controlled by the state' rather than by buyers and sellers.