Socialist Economy

Zoe Finch

What Countries Have This Economy?

France and Sweden have a Socialist economy. Below are other countries with this economy.

Who Has the Power?

The state owns major resources and there are some private enterprises.

Belief of Socialism

A main belief is that goods and services should be produced for the people's use, not for profit. Socialists believe that everything in society is made by the cooperative efforts of the people.

Advantages

A socialist economy guarantees equal standard of living for everyone, less crime and poverty, and needs are provided for through the government.

Disadvantages

A socialist economy gives you minimal choices and no motivation to produce better products or engage in entrepreneurship.