Socialism

Economic Systems Comparison

Description.

All major economic industries are controlled by the government rather than by individuals, so the concept of working for the purpose of earning capital doesn't apply in socialism.

Who owns the means of production?

The government owns and controls all means of production in socialism.

Who makes the decisions?

All economic decisions are made by the government in a socialist economy.

Competition?

There is no competition in a socialist state, because if there were, it would be pointless because all the businesses are all controlled by the government anyway.

Modern Examples.

People's Republic of China

Republic of Cuba

Lao People's Democratic Republic

Socialist Republic of Vietnam