Which economy is now a myth only, as no country in the world is having that type of economy?
Understand the Problem
The question is asking about which type of economy is considered to be a myth, implying that no country currently practices it. This involves understanding different economic systems such as capitalism, socialism, and mixed economies.
Answer
The socialist economy is considered a myth.
The socialist economy is considered a myth as no country practices it entirely today.
Answer for screen readers
The socialist economy is considered a myth as no country practices it entirely today.
More Information
While elements of socialism are present in various countries around the world, a fully socialist economy as theoretically described is not implemented in any country.
Tips
Confusing socialist policies within mixed economies for complete socialist economies.
Sources
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