In which political system does the government own all businesses and the economy Quizlet

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Terms in this set (10)

The government owns or directs the means of production--land, labor, capital (machinery, factories,) and business managers--and controls the distribution of goods. Common economies try to distribute goods and services equally among all citizens, so that the economic decisions can benefit all of society and not just a few people. Public taxes are used to support social services, such as housing and health care for all citizens. Unfortunately, citizens have no say on how this tax money is spent.
A command economy is either called communism and socialism, depending on how much the government is involved.
Communism requires strict government control of almost the entire society, including its economy. The government decides everything from what to produce to how much. One political party--The Communist Party--makes all the decisions and may even use coercion to ensure that the decisions are carried out at the local levels.
Free market proponents claim that without freedom of decision, companies aren't motivated to innovate and thrive, or produce what people really want. Because of this, many former communistic economies have switched to more free market economies (an example is Russia.) China and Vietnam are still communist countries, but have allowed some free enterprise with strict government oversight.
Socialism allows a wider range of free enterprise. It has 3 goals:
1. An equitable distribution of wealth and economic opportunity.
2. Society controls the decisions about public goods (through government.)
3. Public ownership of services and factories that are essential.
Some socialist countries, like those in Western Europe, are democracies. Under democratic socialism, people have basic human rights and elect their political leaders.