Socialism involves government ownership of key industries and central planning from "summary" of Economics for Beginners by Andy Prentice,Lara Bryan
Socialism is an economic system where the government plays a big role in controlling the economy. This means that the government owns and operates key industries, such as healthcare, education, and transportation. In a socialist system, the government also makes decisions about what goods and services should be produced, how they should be produced, and who should get them. This is known as central planning. The idea behind government ownership of key industries is to ensure that everyone has access to essential services, regardless of their ability to pay. For example, in a socialist healthcare system, healthcare is provided to all citizens for free or at a low cost. This is because the government owns and operates hospitals, clinics, and other healthcare facilities, so it can control prices and ensure that everyone can access healthcare when they need it. Central planning is another key aspect of socialism. This means that the government makes decisions about what goods and services should be produced based on the needs of society as a whole, rather than the profit motives of individual businesses. For example, in a socialist economy, the government might decide to produce more affordable housing or public transportation, even if it is not the most profitable option for businesses.- Socialism involves government ownership of key industries and central planning to ensure that essential services are provided to all citizens. By controlling the economy in this way, socialist governments aim to create a more equal society where everyone has access to the goods and services they need to live a decent life.
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