Socialization of the Economy

Socialization of the economy refers to the process where the government or society at large takes a more active role in managing economic activities, rather than leaving them solely to private enterprises. This can include expanding social programs, public ownership of resources, or implementing regulations to promote equity and welfare. The goal is often to reduce inequalities, provide essential services, and ensure that economic growth benefits everyone, rather than just a few. Essentially, it's about balancing individual profit with collective well-being in an economic system.