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What Are The Features Of A Socialist Economy?

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Frances Bott answered
A socialist economy is state dominated and therefore the state is going to have control of all of the spending and the incomes which are going to be taking place within the country. You are going find that there are going to be many different opinions on the matter and that you are going to find different articles and discussions when you have a simple look online.

· Centered economy

All of the income is going to be going to the state which means that they can decide where the money is going to be spent and why. Many people think that this isn't a good system because the state is not going to know about everything and therefore many are spending money in the wrong places.

· Powerful economy

However, there is no doubt that there is going to be a powerful and overwhelming economy if it is centered within the state. They are going to be able to hold any money back if there are ever going to be any emergencies that the country is going to face and therefore they can ensure that they are going to be on the world stage and considered as a powerful country.

· Incomes

With a socialist economy, different people with different jobs are going to get different wages (which is the opposite of a communist economy) and therefore there are going to be different classes within society which people are going to be made aware of.

It is a very easy concept for you to understand and know about when you simply ensure that you have the clear idea that the economy is centered and people are going to be on different wages. The country is going to be powerful and dominant but many think that this is unfair and the community should be able to deal with their part of the economy differently so ensure that it is going to be spent in the right places.

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