What is a Socialist Type Economy?

Please guys, I need simple words for a school assignment. What is a socialist economy, and how does it work? I'm in grade 8 so please, simple words not something like; "socialism: an economic system based on state ownership of capital" I mean EXPLAIN. Thanks so much!

Asked By: attia_waqas - 5/26/2010
Best Answer - Chosen by Asker
Socialism is NOT where the state owns and controls all the means of production....that is Communism. Socialism can work with private or public industry but gives the workers more say in how their companies operate. For example, co-ops are forms of business where everyone has an equal say in the decision process. All... More
Answered By: tmx11 - 5/28/2010
Additional Answers (1)
Technically, a socialist economy is one where the state owns and operates the means of production and makes all allocation decisions. You asked about a "socialist type" economy. I would say that is one where the state substitutes its economic preferences for those of the individual. They control, but do not own a lot... More
Answered By: SDD - 5/26/2010
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