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Definitions from WordNet

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Socialist Economy

Definition: A socialist economy is an economic system in which the means of production and distribution are owned and controlled by the state or by the community as a whole, aiming to achieve social and economic equality.

Senses:

1. Noun: An economic system characterized by collective ownership and control, where the state or community manages resources and regulates production and distribution.
2. Adjective: Relating to or characteristic of a socialist economy or principles.

Examples:

Noun:

1. The country adopted a socialist economy, which meant that major industries were nationalized.
2. In a socialist economy, healthcare and education are often provided by the government.

Adjective:

1. Some people argue that a socialist economy promotes equality and reduces income disparity.
2. The government implemented socialist economic policies to address poverty and unemployment.

Possible Related Products:

• Books on Socialist Economic Theory
• Historical Analysis of Socialist Economies
• Books on Economic Reforms in Socialist Systems