Socialist Economy (Noun)
Meaning
An economic system based on state ownership of capital.
Classification
Nouns denoting groupings of people or objects.
Examples
- The government implemented a socialist economy, where key sectors were owned and controlled by the state.
- In a socialist economy, the state distributes resources based on social welfare rather than profit.
- Cuba is an example of a country that has maintained a socialist economy for several decades.
- A socialist economy often prioritizes the collective good over individual wealth and prosperity.
- The government's decision to nationalize key industries helped transition the country to a socialist economy.