Socialist Economic Management

Socialist Economic Management refers to a system where the government plays a central role in controlling and directing the economy, typically with the goal of promoting social welfare and reducing inequality. Instead of private individuals owning businesses and resources, the state may own or regulate them to ensure that wealth and resources are distributed more equitably among the population. This approach often involves planning production, setting prices, and providing essential services, aimed at meeting the needs of all citizens rather than maximizing profits. Examples can include public healthcare, education, and various state-run industries.