Answer to Question #187567 in Sociology for brendaliz perez

Question

Which economic system is characterized by government ownership of all the basic industries. In this system the means of production are the property of the state.

Answer 1

Which economic system is characterized by government ownership of all the basic industries? In this system, the means of production are the property of the state.

The socialism economic system is characterized by the government owning all production, distribution, and decision-making rights. The government determines the output and pricing of goods and services. The citizens within the state depend on the government to supply and distribute every basic need, from food to healthcare.