The economic system based on the premise that some, if not most, basic industries should be owned by the government so that profits can be more evenly distributed among the people is called:

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22-07-2022
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The economic system based on the premise that some, if not most, basic industries should be owned by the government so that profits can be more evenly distributed among the people is called:

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smecloudbird18 smecloudbird18 · Answer 1 · 2022-08-05T08:14:59+02:00

The economic system based on the premise that some, if not most, basic industries should be owned by the government so that profits can be more evenly distributed among the people is called Socialism.

A socialist economy is that system of production where production of goods and services is done for using it directly, however in a capitalist economic system, goods and services are produced generally to generate profit means they are produced for indirect use.

"Production which is done under socialism would always be directly and solely for use. With the use of natural and technical resources of the world which are controlled democratically, the sole objective of the production is to meet human needs only."

Goods and services would be produced only for their usefulness, or for their usage-value. It eliminates the need for market-induced needs of profits.

To know more about socialism here:

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