In which type of economic system is the laissez-faire philosophy rejected, and the central government acting as a representative of the people makes basic economic decisions?

Question

Quizplus · Accepted Answer

Laissez-faire philosophy, which advocates for minimal government intervention in the economy, is rejected in socialism. In a socialist economic system, the central government acts as a representative of the people and makes basic economic decisions. This is in contrast to capitalism, where the market forces determine economic decisions, and agrarianism, which focuses on agriculture as the main economic activity. The informal economy refers to economic activity that is not regulated or taxed by the government, and therefore is not relevant to this question.

In Which Type of Economic System Is the Laissez-Faire Philosophy