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In a socialist economy, private ownership of the means of production is typically limited or nonexistent, as the government or collective entities often own resources and industries. Therefore, a significant presence of private enterprises operating independently for profit, without state oversight or regulation, would be uncharacteristic of a socialist economy. Additionally, a focus on individual wealth accumulation over collective welfare also contradicts socialist principles.
What else can I help you with?
Which of the following is another term for a planned economy?
Socialist system
Compare capitalist economy with socialist economy?
Socialism means a classless stateless society with no money or prices or buying and selling. hence there can be no such thing as a Socialist economy.
Does Portugal have a socialist economy?
No. Portugal economy is corporativistic
What economy does Portugal have?
socialist
Is Ghana a capitalist or socialist economy?
Ghana is a capitalist economy.
Why might a socialist society have a less rigid command economy than a communist socirty?
In a socialist society, various political systems may be combines with public control of the economy.
Does France have a democratic socialist economy?
France is capitalist: class system, wage labour, production for sale at a profit.
China's economy is best described as?
Socialist
What is a term for a planned economy?
socialist system
Is France's economy capitalist?
no it is very socialist
Are socialist market economy and socialist economy same?
yes and no... if you want to buy stuff you go to the socialist market then otherwise i think it's the same.
In a socialist economy the government takes a laissez-faire approach to the economy?
False
