managed trade
managed tradeInternational trade conducted in accordance with plans negotiated by government bodies. This is the natural mode of trade for planned economies, but is not convenient for market economies. While governments in market economies have sufficient powers to prevent trade they do not approve of, they have no adequate means of inducing private firms to supply exports they have promised that their country will provide or to buy imports they have promised their country will accept. Also, managed trade must either be bilaterally balanced, or involve negotiation between several governments, which is liable to be very cumbersome and unlikely to produce agreement.
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