socialist economies
State-controlled markets
Socialist economies are economic systems in which the means of production—factories, land, resources—are owned or controlled collectively rather than by private individuals.
The degree varies: some socialist economies feature state ownership of major industries while permitting small private enterprises, others pursue comprehensive public ownership.
Cuba maintains a socialist economy with state-controlled industries.
The term often contrasts with capitalist or market economies, though many modern economies blend elements of both.
- collective ownershipJoint holding by many
- income equalityEven wealth distribution
- bread linesHungry people waiting
- MarxismClass-based revolutionary philosophy
- worker cooperativesCollectively owned democratic businesses
nationalization · redistribution · communism · progressive taxation · Leninism · public goods · common good · resource allocation · labor movements · class struggle · factory · communal farming · red flag · welfare state · worker · flag · kibbutz · bread
socialist economiesfree markets
Commerce without state intervention
market economies · laissez-faire economics · private enterprise · anarcho-capitalism · Reaganomics
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