0
A socialist economic system eliminates unemployment by employing all able workers. If there is a surplus of workers, average working hours are reduced. The reduction in wages is made up to each individual worker through owning a share of industry (public ownership of the means of production).
In effect, while a capitalist economy suffers unemployment from increasing automation, a socialist economy could just reduce the average working day for each worker while maintaining full employment.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
What would be the economic system for theocracy?
Socialism
The economic system which combines both captialism and socialism is called?
mixed system
Economic system where production operates for the public good?
Socialism
What are three main economics for economic system?
There are 3 main economics for economic system which are given below: 1.) Capitalism economic system 2.) Socialism economic system 3.) Mixed economic system .
What is the economic system that promote economic equality?
Not everyone agrees about which economic system best promotes economic equality. Those who advocate for socialism often argue that it's the fairest economic system.
What would be the economic system for theocracy?
Socialism
Is socialism a core political ideal?
No, socialism is an economic system with specific economic models. It is not as much a political ideal as it is an economic system intended to lead to certain social outcomes.
What type of political system has collective government ownership of the economic system?
Socialism
The economic system which combines both captialism and socialism is called?
mixed system
Economic system where production operates for the public good?
Socialism
What are three main economics for economic system?
There are 3 main economics for economic system which are given below: 1.) Capitalism economic system 2.) Socialism economic system 3.) Mixed economic system .
What is the economic system that promote economic equality?
Not everyone agrees about which economic system best promotes economic equality. Those who advocate for socialism often argue that it's the fairest economic system.
What will always exist in any economic system?
UNEMPLOYMENT.
When is an economic system successful?
full unemployment rates
What publicly controlled economy is nearest to a mixed economic system?
socialism
What is the economic system of communist countries is most closely related to what?
socialism
Who theorized the economic system of socialism?
Karl Marx
