Socialist Planned Economy
This form of socialism combines public ownership and management of the means of production with centralized state planning, and can refer to a broad range of economic systems from the centralized Soviet-style command economy to participatory planning via workplace democracy. In a centrally-planned economy, decisions regarding the quantity of goods and services to be produced as well as the allocation of output (distribution of goods and services) are planned in advanced by a planning agency. This type of economic system was often combined with a single-party political system, and is thus associated with the Communist states of the 20th century.
Read more about this topic: Types Of Socialism
Famous quotes containing the words socialist and/or planned:
“Democracy is the wholesome and pure air without which a socialist public organization cannot live a full-blooded life.”
—Mikhail Gorbachev (b. 1931)
“The greatest events occur without intention playing any part in them; chance makes good mistakes and undoes the most carefully planned undertaking. The world’s greatest events are not produced, they happen.”
—G.C. (Georg Christoph)