explain the nature of socialist economy
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A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). ... The ownership of the means of production varies in different socialist theories.
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A socialist economic system is characterized by social ownership and operation of the means of production that may take the form of autonomous cooperative or direct public ownership.
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