Types of Economy
Mackenzie, Adri, Jordan, Ashley, Sean, Justice, Jake
Socialism is a form of government originally theorized by Karl Marx which was originally supposed to be the end result of Communism. In Socialism the government controls all means of production instead of individuals or companies. In Marxist-Leninist Socialism there's usually a authoritarian type government. Socialism has limited competition but there is small businesses. Current Socialist governments are in place in China, Denmark and Finland.