Economics

Socialist Economics

Socialist Economics

Socialist Economics systems typically employ central planning and use accounting systems based on the labor hours expended in production. It applies to economic theories which advance the idea that socialism is both the most equitable and most socially serviceable form of economic arrangement for the realization of human potentialities. It is characterised by social ownership and democratic control of the means of production, which may mean autonomous cooperatives or direct public ownership; wherein production is carried out directly for use.