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The economic system under which industries operated by the government or by private sector are under strong government control is called socialism.
Socialism is a left-wing economic ideology and movement that embraces a variety of economic systems distinguished by the predominance of social ownership over owners of the means of production. State/public, community, collective, collaborative, or employee social ownership are all possible. Social ownership is the one aspect of socialism that all forms share, despite the fact that no one definition can encompass all of them. Different forms of socialism differ in how markets and planning are used to allocate resources, the form of management within organizations, and whether an approach is taken from below or above. Some socialists choose a party-, state-, or technocrat-driven approach.
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