* Wealth and production are privately owned.
* Each person owns his/her labor and can sell the use of it to employers. * Each person’s wealth depends on the price set by his/her employer, or his/her own price. The Socialist Economic System (as described by wikipedia):
Economically, socialism denotes an economic system of state ownership and/or worker ownership of the means of production and distribution. In the economy of the Soviet Union, state ownership of the means of production was combined with central planning, in relation to which goods and services to make and provide, how they were to be produced, the quantities, and the sale prices. Soviet economic planning was an alternative to allowing the market (supply and demand) to determine prices and production. During the Great Depression, many socialists considered Soviet-style planned economies the remedy to capitalism’s inherent flaws – monopoly, business cycles, unemployment, unequally distributed wealth, and the economic exploitation of workers. Summary:
* Wealth, production and distribution are owned by the state. * All...