Does the government own everything in a socialist economy?
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In a socialist economy, the government owns and controls the means of production; personal property is sometimes allowed, but only in the form of consumer goods. The state determines how main resources are used and taxes wealth for redistributive efforts.
Marxist–Leninist states
| Country | Since | Duration |
|---|---|---|
| People’s Republic of China | 1 October 1949 | 72 years, 73 days |
| Republic of Cuba | 1 January 1959 | 62 years, 346 days |
| Lao People’s Democratic Republic | 2 December 1975 | 46 years, 11 days |
| Socialist Republic of Vietnam | 2 September 1945 | 76 years, 102 days |
Is socialism an economic or political system?
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterized by social ownership of the means of production. It includes the political theories and movements associated with such systems.
What exactly is Democratic socialism?
Democratic socialism is defined as having a socialist economy in which the means of production are socially and collectively owned or controlled, alongside a liberal democratic political system of government. Democratic socialists reject most self-described socialist states and Marxism–Leninism.
Socialism is a political, social, and economic philosophy encompassing a range of economic and social systems characterised by social ownership of the means of production. It includes the political theories and movements associated with such systems.
Money would continue to exist under socialism, but its uses would be more limited. You would get paid for your work and use that money to buy consumer goods – anything from food to cars to computer games – but companies and workplaces, being the collective property of the people, would not be for sale.