Question

Define socialistic economy.

Answer 1

Socialist means the system under which economic system is controlled and regulated by the government so as to ensure the welfare and equal opportunity to the people in a society. Socialism is a populist economic and political system in which the means of production operate under public political ownership, sometimes called common ownership. Common ownership under socialism may take shape through technocratic, oligarchic, totalitarian, democratic or even voluntary rule. All legal production and distribution decisions are made by the ruling class.