Socialist Planning

Socialist planning is an economic system where the government or a community collectively decides how to produce and distribute goods and services. Unlike capitalism, which relies on market forces and individual profit, socialist planning focuses on meeting people's needs and promoting equity. Central planners assess resources, determine production goals, and allocate goods to ensure that everyone has access to essential items. The aim is to eliminate inequalities and prioritize social welfare, though challenges include efficiently managing resources and responding to consumer needs without the feedback of a free market.