Answer: The government controls factories and other forms of production.
A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperatives or direct public ownership wherein production is carried out directly for use rather than for profit.
The Chinese experience with socialism with Chinese characteristics is frequently referred to as a socialist market economy where the commanding heights are state-owned but a substantial portion of both the state and private sectors of economy are governed by market practices including a stock exchange for trading equity and the utilization of …
The socialist market economy (SME) is the economic system and model of economic development employed in the People’s Republic of China.The system is based on the predominance of public ownership and state-owned enterprises within a market economy . The term ” socialist market economy ” was introduced by Jiang Zemin during the 14th National Congress of the Communist Party of China in …
Socialist-oriented market economy – Wikipedia
Economy of the Socialist Federal Republic of Yugoslavia …
Socialist economics – Wikipedia
Socialism in India – Wikipedia
Within its limits the government had responsibility for: Management of the national economy and socio-cultural construction and development. Formulation and submission of the five-year plans for ” economic and social development” to the Supreme Soviet along with the state budget.
A command economy follows an administrative-command system and uses Soviet-type economic planning which was characteristic of the former Soviet Union and Eastern Blo…