Socialist economic policies

Definition

Socialist economic policies refer to government interventions and control over the economy to ensure wealth redistribution, public ownership of key industries, and equal access to resources. This system aims to minimize income inequality and promote collective welfare.

Related terms

Planned Economy: An economic system in which the government determines production levels, prices, and distribution of goods and services.

Command Economy: A type of planned economy where all major decisions regarding production and allocation are made by the central authority.

Welfare State: A system in which the government provides extensive social services such as healthcare, education, and unemployment benefits to its citizens.