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Economic, planning: A ,socialist economy, is a fully planned ,economy,. Planning may be centralized or decentralized. All the basic decisions for the control and regulation of the ,economy, are taken by government. Similarly all the basic and strategic functions are performed according to a definite plan.
Under ,socialist economy,, no cyclical fluctuations are found. It means ,economy, faces no boom, depression, unemployment or over production etc. ,Economic, stability is maintained by the government on the basis of ,economic, planning. (vi) Social Welfare: The aim of ,socialist economy, is to maximize social welfare of the society.
A ,socialist economy, is one that involves collective ownership of the means of production and some degree of central planning. In a capitalist society, individuals can own the means of production, such as tools, machinery, factories, and raw materials, and use them to earn a profit.
A mixed ,economy, is that type of ,economic, system in which government and private companies both carry out the activities in the ,economy, while ,socialism, it is that type of ,economic, system in which it is only the government which carries out the various activities in the ,economy, and private parties have no role to play in the ,economy,.
Rapid ,Economic, Development. Under a ,socialist economy,, there is a central authority in charge of planning for the use of resources and making quick decisions. Resources are used fully and there is minimal wastage. This leads to fast ,economic, growth of ,socialist, states.
socialism, is an ,economic, system in which the means of production are owned by society. I will call this the Marxist definition of ,socialism,. It is important to keep in mind that this definition was composed by Marxists, who dominated English departments for most of the Twentieth
Basically, ,socialism, is a ,socialist economic, and political system where the ownership of the means of production (also referred to as common or collective ownership) is transferred from the private individuals and/or corporations to the government.
This is the million dollar question that has been asked about China's ,economic, and trade system all the time. Last week, China's WTO Ambassador Dr. Zhang Xiangchen gave the following reply at the General Council meeting, " Back in 1992, when China announced that it would build a ,socialist, market ,economy,, right in the Room W, a question was posed to a Chinese delegate, that is, what is a ...
An ,economic, system that prescribes equal sharing of the different elements of production. Home › Resources › Knowledge › ,Economics, › ,Socialism,. ,What is Socialism,? ,Socialism, is a system in which every person in the community has an equal share of the various elements of production.