Socialist Economic System

Socialist Economic System

 

a planned system of social production, based on the socialist ownership of the means of production and on labor that has been liberated from exploitation. The material base of the socialist economic system is large-scale machine production. The economic system develops in accordance with the objective economic laws inherent in socialism so that the material and cultural needs of society may be satisfied to the maximum extent possible.

The socialist economic system includes the totality of social enterprises and branches and spheres of social production, which are linked by the social division of labor. It differs fundamentally from the capitalist economic system and has a number of important advantages over the latter that ensure a rapid and steady growth of its productive forces, the perfection of its production relations, and the systematic improvement of the population’s standard of living. The development of the world socialist economic system has accompanied the growth of the world socialist system.

References in periodicals archive ?
The president highlighted the need to uphold and improve the basic socialist economic system, stressing that people should consolidate and develop the public sector while encouraging, supporting and guiding the non-public sector to develop.
They were founded as a means of safeguarding the provision of basic supplies and services to the regional population in the socialist economic system.
307) between the socialist economic system and a changing, modernizing society.
This concise volume examines the processes of transformation from a socialist economic system to a market economy in Eastern Europe, Russia, and China.
The potential of a socialist economic system to solve environmental problems is indicated by Cuba's example.
This was an unprecedented criticism of the planned, socialist economic system put in place by Bashar Assad's father, Hafez Assad, who ruled Syria with an iron fist for 30 years.
Once in office, in another surprise, Rao set out to scrap India's decades-old socialist economic system.
While the two countries have agreed to restore diplomatic ties after years of animosity, he said, Cuba's Communist Party leadership and socialist economic system present a problem for Washington.
The essays have as a common core the efficiency of the socialist economic system, typically as deduced from Soviet experience, and as reflected in economic performance and in analysis of working arrangements.

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