The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:

Name: The economic system under which basic industries are operated by the government or owned by the private sector under strong government control is called:
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Question

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Socialism is an economic system where the government controls or regulates major industries, while allowing some private sector involvement under strong government oversight.

The Economic System Under Which Basic Industries Are Operated by the Government