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, planned and/or economy:
“I nearly always find, when I ask a vegetarian if he is a socialist, or a socialist if he is a vegetarian, that the answer is in the affirmative.”
—Katharine Fullerton Gerould (1879–1944)
“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)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)