The economic system of the East Asian nation of Xinzen calls for public ownership of all businesses. The government has complete control over the market, and individuals do not have individual rights and the freedom to make choices. In this scenario, the economic system followed by Xinzen is _____.

Question

Quizplus · Accepted Answer

The economic system described is communism, where the government has complete control over the market and there is public ownership of all businesses, with no individual rights or freedom to make choices.

The Economic System of the East Asian Nation of Xinzen