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 pass the test that says a man who isn’t a socialist at 20 has no heart, and a man who is a socialist at 40 has no head.”
—William Casey (1913–1987)
“Once I planned to write a book of poems entirely about the things in my pocket. But I found it would be too long; and the age of the great epics is past.”
—Gilbert Keith Chesterton (1874–1936)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)