Describe the socialistic econonomy.

1.	Describe the socialistic econonomy.
Answer» Socialistic Economy (Socialism): 1. The Father of Socialism is Karl Marx. Socialism refers to a system of total planning, public ownership and state control on economic activities. 2. Socialism is defined as a way of organizing a society in which major industries are owned and controlled by the government. 3. A Socialistic economy is also known as ‘Planned Economy’ or ‘Command Economy’. 4. In a socialistic economy, all the resources are owned and operated by the government. 5. Public welfare is the main motive behind all economic activities. It aims at equality in the distribution of income and wealth and equal opportunity for all. 6. Russia, China, Vietnam, Poland and Cuba are the examples of socialist economies. But, now there are no absolutely socialist economies.

Answer»

Socialistic Economy (Socialism):

1. The Father of Socialism is Karl Marx. Socialism refers to a system of total planning, public ownership and state control on economic activities.

2. Socialism is defined as a way of organizing a society in which major industries are owned and controlled by the government.

3. A Socialistic economy is also known as ‘Planned Economy’ or ‘Command Economy’.

4. In a socialistic economy, all the resources are owned and operated by the government.

5. Public welfare is the main motive behind all economic activities. It aims at equality in the distribution of income and wealth and equal opportunity for all.

6. Russia, China, Vietnam, Poland and Cuba are the examples of socialist economies. But, now there are no absolutely socialist economies.

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