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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.

Synonyms

  • Socialism

Hypernyms

  • Managed Economy

Hyponyms

  • International
  • Communism
  • Nazism
  • National Socialism
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