What is socialist economy?

Answer 1

A socialist economic system is based on some form of social ownership of the means of production, which may mean autonomous cooperatives or direct public ownership; wherein production is carried out directly for use.

Answer 2

Governments described as "socialist" often have a stated objective to serve the interests of the broad base of ordinary people as opposed to the interests of a rich and powerful élite of businessmen. Sometimes this does not work out as planned, and the government ends up serving the interests of a rich and powerful élite of party bosses. In other cases, the result can be beneficial for the people in general and even, in the long term, for rich and powerful businessmen. A technique often associated with socialists is the nationalization of industries--having the government take over ownership of those industries, so they can be run for the benefit of the population in general.

Answer 3

Generally speaking, a socialist economy is one where the primary means of production are owned and operated by the government. Unless there is an electoral process that allows a nation's citizens to change this economic arrangement, then the economy and the nation as a whole will suffer a lack of civil rights and economic freedom.

Answer 4

An economy in which all occupations are paid at an almost equal rate.

Answer 5

Socialism does not have an economic system: no money, no prices, no accounts, no taxes.

Answer 6

Socialism means a classless stateless society based on production for use, with no rulers or borders or prices or money. Hence no economy.

Answer 7

Command economy