Question

what is meant socialistic economy​

Answer 1

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Socialism is a populist economic and political system based on public ownership (also known as collective or common ownership) of the means of production.

Answer 2

Answer:

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). "Production under socialism would be directly and solely for use.