The government owns the railroads, utilities, energy companies, and financial institutions. Ownership of small businesses is in private hands. This is an example of socialism.

Question

Quizplus · Accepted Answer

Socialism is an economic system in which the means of production are owned and controlled by the state or the community as a whole, and this scenario fits this description. Although ownership of small businesses is in private hands, the majority of major industries are owned by the government.

The Government Owns the Railroads, Utilities, Energy Companies, and Financial