Socialist Economics

Socialist economics is an economic system where the means of production, like factories and resources, are owned and controlled collectively, often by the state or through cooperatives. The primary goal is to promote social welfare and reduce inequality by distributing wealth more evenly among the population. Instead of prioritizing profit, socialist economics focuses on meeting the basic needs of all individuals, ensuring access to essential services like healthcare and education. It contrasts with capitalism, where private ownership and profit motives drive the economy. Different countries implement socialist principles to varying degrees, impacting how resources and opportunities are shared.