what is
a
Socialist economy
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The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state run and it lacks a stock exchange. Healthcare and education are all completely managed and administered by the government.
Socialism is a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production. ... Socialists contend that shared ownership of resources and central planning provide a more equal distribution of goods and services and a more equitable society.
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It is a system of production ,where goods and services are produced directly for use
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