The term "planning" is often used to describe an economic system where the key decisions are made by political authorities, whether these are democratically elected officials or representatives of a communist or other totalitarian government. However, there is just as much planning engaged in by owners and managers of private enterprises under capitalism. The difference is in who is planning for whom. In a free market economy, millions of consumers, business owners and managers, investors, and others have their own plans - each for his or her own well-being, leaving the overall coordination of these plans in the economy at large to changing prices and the economic incentives that these prices provide for mutual accommodation. What has generally been called "planning" has been central planning - planning by a small group of officials for the economy as a whole.
Why is this important?....because today economies around the World - includiing The United States of America - are being run by Central Bankers...ie Central Planners...
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