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 fo...
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