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

Question

Quizplus · Accepted Answer

Socialism is an economic system in which the government manages the economy in the interests of the workers. Under socialism, the means of production are owned and controlled by the state or by the people collectively. The focus is on reducing income and wealth inequality, providing social services and ensuring social justice. Socialism is often contrasted with capitalism, in which the means of production are owned and controlled by private individuals or corporations, and profits are the primary goal.

An Economic System in Which the Government Manages the Economy