An economic system in which, theoretically, the government manages the economy in the interests of the workers is referred to as ______.

Question

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Socialism is an economic system in which the means of production, such as factories and farms, are owned and controlled by the state or by the workers. The government manages the economy and plans the production and distribution of goods and services, with the aim of meeting the needs of the workers and ensuring social equality. Under socialism, the profit motive is usually secondary to the goal of providing for the needs of the community as a whole.

An Economic System in Which, Theoretically, the Government Manages the Economy