Phrases with «socialist economy»

A socialist economy refers to an economic system where the government or the state has control over the means of production and distribution of goods and services. It aims to promote equality and social welfare by reducing income disparities and providing essential services to all citizens. In a socialist economy, the government plays a significant role in determining what is produced, how it is produced, and how resources are distributed, with the intent of benefiting the entire society rather than maximizing individual profits. Full definition

Sentences with «socialist economy»

  • In fact, there are very few socialist economies in the world in the sense of opposing private enterprise as in workers owning the means of production. (politics.stackexchange.com)
  • Neither we nor those we have quoted are advocates of a command or state socialist economy. (religion-online.org)
  • The failure of socialist economy in Eastern Europe should not hinder Christians from looking for an alternative to the prevailing world economic system. (religion-online.org)
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