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In case of a socialist economy, the means of production and distribution are made by the public authority or the Government.
The basic characteristics of such types of economic system are as follows:
- It's a centrally planned economy;
- It aims at achieving a better distribution of income and wealth;
- Objective is to attain social gain;
- Absence of consumer's sovereignty;
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Socialist Norms Over The World
Though a large numbers of nations over the world are in a trend of following the free market system, still the socialist pattern keeps up its dominance. The USSR and some of the European countries have adopted a fully centralized planned economy.
In the past most of the countries over the world hade relied upon these form of economic pattern. India had also adopted the socialist pattern of economy after getting independence for fostering its economic growth rate. Though the country has opened its doors of the market, still the five-year plans in the country holds its relative importance.
Even China had adopted a socialist model after the communist victory in the civil war.
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