The socialist economic system is a system in
which all the basic economic decisions about
the allocation of resources are taken by the
central government rather than the people.
The centrally planned economy is characterized
by dominant state participation.
The ownership and control of resources like
land, factories, housing, power
stations,transport system,etc are usually
owned by the state. The central government
not only determines what is produced, but
also the prices of commodities and the
rewards of the productive factors. The state
owns most of the means of production.
The people’s Republic of China, North Korea,
and Cuba are the beat example of the socialist/
command/ centrally planned economy.

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