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
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