socialist economy
State-controlled market
A socialist economy is an economic system in which the means of production—factories, land, resources—are owned collectively or by the state rather than by private individuals.
Central planning typically replaces market forces in determining what gets produced and how it's distributed.
Cuba maintains a socialist economy with state-run enterprises.
The term ranges from describing fully centralized systems to mixed economies with substantial public ownership alongside private business.
- nationalizationGovernment acquisition of industry
- MarxismClass-based revolutionary philosophy
- collective ownershipJoint holding by many
- common ownershipShared control of assets
- worker cooperativesCollectively owned democratic businesses
redistribution · wealth redistribution · state planning · five-year plans · social safety net · public goods · Maoism · labor movement · centralization · central planning · Leninism · workers · revolution · bread lines · utopia · red · state-owned · equality
- socialist economicscollective ownership, common ownership, communal ownership, state ownership, public ownership
- Soviet Economycentral planning, five-year plans, state ownership, collective farms, five-year plan
- East GermanyStasi, GDR, DDR, Berlin Wall, East Germany
socialist economymarket economy
Commerce-based economic system
free enterprise · mixed economy · feudal economy · command economy
socialist economyprivate ownership
Individual control of assets
capitalism · private enterprise · privatization · proprietorship · corporate ownership
socialist economycapitalism
Private profit-based economy
anarcho-capitalism · neoliberalism · laissez-faire · libertarianism · Thatcherism