I think a socialistic government is where everything is set by the government , the federal government, they can set how much you get in healthcare, how much heat, food, water anything that we take for granted, obama wants to run everything, and if the senators don't start saying no to him and passing everything without reading it we are in real trouble,I"m really scared of this nut, unless you are very well off a billionaire, you"re in deep trouble, and what about obama wanting to penalize younger people for not having health insurance? This guy has a real problem, and what gets me is ben nelson said he would not vote for the bill what did he do he was blackmailed into voting for it , that"s how obama operates.
A Socialist economy is basically an economy that is followed in China as well as Vietnam.
This economy is characterized as industries owned by state entities. However, the government does not routinely intervene in the setting price. It combines substantial state ownership of large industries within the private sector. It supplements the centrally planned economy.