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This is a theory of government in which a single party controls the economy and production?
That would be state capitalism.
What is the economic system in which a state controls trade and profit for good of state?
capitalism
What is an economic system where the government owns and controls the means of production?
socialism.
Key difference between state capitalism and free-market capitalism is?
It depends on whether the means of production are owned by the state (state capitalism) or by private capitalists (private capitalism). Free enterprise is a largely mythical variety of private capitalism.
What is the form of government in which a single party controls the economy and production?
The form of government in which a single party controls the economy and production is communism.
Economic system which government controls the factors of production for the public good?
Under state capitalism, the government controls the means of production. But this is for the benefit of the ruling class, not for ‘the public good’.
How are private rights related to the system of capitalism?
Capitalism is based on a number of key principles, the most important of which is private property. A capitalist is precisely someone who owns means of production and controls a significant bit of capital, this is founded on private property. If private property is abolished, capitalism cannot exist.
How are private property rights related to the system of capitalism?
Capitalism is based on a number of key principles, the most important of which is private property. A capitalist is precisely someone who owns means of production and controls a significant bit of capital, this is founded on private property. If private property is abolished, capitalism cannot exist.
How do communism and capitalism compare and contrast in terms of their economic systems and societal structures?
Communism and capitalism are economic systems with different approaches. In communism, the government owns and controls the means of production, aiming for equality among citizens. In contrast, capitalism allows for private ownership and competition, leading to wealth disparities. Societally, communism promotes collective ownership and a classless society, while capitalism emphasizes individualism and a hierarchical structure based on wealth.
Who controls the factors of production?
governmentThe government
What is the type of economy where government controls all industry and production?
State capitalism. In Socialism it is the people who control production and distribution, the aim of production being to meet human need.
What type of economic system do individuals own most of the businesses?
Capitalism
