Question

Socialist Economy

21 Oct 2017
Answer :
Word Count : 353

Socialist economics is a term which refers in its descriptive sense to the economic effects of nations with large state sectors where the government directs the kind and nature of production. In a normative sense, it applies to economic theories which advance the idea that socialism is both the most equitable and most socially serviceable form of economic arrangement for the realization of human potentialities.

There has developed a diverse array of ideas that have been referred to as "socialist economics," from forms of "market socialism," which advocate achieving economic justice through taxation and redistribution through state welfare programs to the hardcore communists who advocate total

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