Socialism is also called a "laissez-faire" economic system.

Name: Socialism is also called a "laissez-faire" economic system.
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Socialism is not synonymous with laissez-faire capitalism, but rather refers to an economic system that advocates for collective ownership of the means of production and distribution of goods and services. Laissez-faire capitalism, on the other hand, advocates for minimal government intervention in the economy and free market principles.

Socialism Is Also Called a "Laissez-Faire" Economic System