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-Maintains that the government should be both the central owner and the decision maker in all economic affairs of the state
-Ideas created by Karl Marx
-Centrally Planned System
-Market is extremely limited
-Government controls everything and
everyone
-Public Distribution System hands out
neccessary items
-Government Manages and Develops
their economy
Capitalism
-Private Property
-Little government involvement
Socialism
-No private property
-controlled economy
Centralized Socialism
-Complete Dictator/government control of economy
-Socialism
-Centralized Socialism
-Capitalism
-Wikipedia
-Textbook
-cia.gov
-organizationsandmarkets.com
-Prezi
Centralized Socialism- You have two chickens
the state takes both and gives you some eggs
Socialism- You have two chickens and the state makes you give one too your neighbor
Capitalism- You have two chickens you sell one and buy a rooster you breed multiples and the economy grows, you sell them and retire on the income
-Centrally planned economy
-Production is owned by government
-Government sets rations and prices for
their people
-Government approval is required for
capital investment
-The government oversees all state
affairs
-North Korea
-Cuba