Soviet-type economic planning
Soviet-type economic planning (STP) is the specific model of centralized planning employed by Marxist–Leninist socialist states modeled on the economy of the Soviet Union (USSR).
"Catch up and overtake" (Russian: Кто кого? Догнать и перегнать). A 1929 Soviet propaganda poster based on 1917 paraphrase from Lenin, praising the economic superiority of state socialism.
A planned economy is a type of economic system where the distribution of goods and services or the investment, production and the allocation of capital goods takes place according to economic plans that are either economy-wide or limited to a category of goods and services. A planned economy may use centralized, decentralized, participatory or Soviet-type forms of economic planning. The level of centralization or decentralization in decision-making and participation depends on the specific type of planning mechanism employed.
Albert Einstein advocated for a socialist planned economy with his 1949 article "Why Socialism?"