socialist economy

A socialist economy is one where the government or the community collectively owns and manages major resources, industries, and services, such as healthcare, education, and transportation. The goal is to reduce income inequality and ensure that wealth and resources are distributed more fairly among all citizens. Unlike capitalist economies, where private individuals or companies own and operate businesses for profit, socialism emphasizes collective planning and social welfare. This system aims for economic stability, equitable access to essentials, and reduced disparities, balancing individual interests with the common good.