What kind of economy does socialism generally maintain?
Understand the Problem
The question is asking about the type of economy that is typically associated with socialism, highlighting its characteristics and principles.
Answer
Collective ownership, central planning, needs-based production.
The final answer is that socialism generally maintains an economy with collective ownership of the means of production, central planning, and production geared towards satisfying needs rather than profit accumulation.
Answer for screen readers
The final answer is that socialism generally maintains an economy with collective ownership of the means of production, central planning, and production geared towards satisfying needs rather than profit accumulation.
More Information
In a socialist economy, the focus is on equitable distribution of resources and minimizing social inequalities, often leading to state or collective ownership over key industries.
Sources
- Socialist Economy: What Is It, In Theory or Practice? - investopedia.com
- Socialism | Definition, History, Types, Examples, & Facts - britannica.com
- Socialist economics - Wikipedia - en.wikipedia.org
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