The essence of a socialist economic system is

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The essence of a socialist economic system is collective ownership of the means of production, meaning that the ownership of property and resources is owned and controlled by the community as a whole rather than by individual persons or companies. This is generally seen as a fundamental principle of socialism. Group think, state-subsidized health care, and high taxes are not necessarily inherent to a socialist economic system, although they may be components of certain socialist policies or practices.

The Essence of a Socialist Economic System Is