socialist economy
1
5.1
- noun
- /ˈsoʊʃəlɪst ɪˈkɒnəmi/
:
economía socialista
- Business transactions with a socialist economy are full of difficulties.
- capitalist and socialist economy
We are Marxists building a socialist economy.
- We are Marxists building a socialist economy.
Examples
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The economies of the Soviet Union and Eastern Europe are socialist economies as defined by Karl Marx, Ludwig von Mises, and the New Palgrave Dictionary of Economics.
Academic text (1991) -
Material goods and personal wealth were difficult to acquire under the socialist economy.
Academic text (1995) -
There is no middle class in communist countries, nor in socialist economies.
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But this is not sufficient reason for concluding that markets have no place in a socialist economy.
Blog text (31) -
The problems of a socialist economy, however, are not from the lack of data; indeed, socialist economies are drowning in data.
Academic text (1991) -
Alaska has a socialist economy that would have been the envy of the old Soviet Bloc.
Blog text (9) -
There, as elsewhere, the multitudinous reforms failed to arrest the deterioration in the performance of the socialist economy.
Academic text (1991) -
socialist economy is a system where the government manages and distributes resources to enhance social welfare.
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In a socialist economy, citizens often receive essential services like healthcare and education funded by the state.
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Critics argue that a socialist economy can deter innovation due to reduced competition among businesses.
Synonyms
192
5.0
A system where the state or people own important businesses and services
1
7.2
A system where the government owns most big businesses but allows small businesses to operate privately
Antonyms
4
4.2
An economic system where private people or companies own businesses and try to make money
How Socialist
1
6.4
1
5.1
- Specialized
1
7.0
- Specialized
2
4.1
- Specialized
93
3.0
Surface Forms
Morphology
The meaning is directly compositional: combining 'socialist' (favoring communal/state ownership) with 'economy' (the production/distribution system) yields the described system. This is a transparent, cross-linguistically common phraseological pattern that a B1 learner who knows both words can infer without prior exposure.
Etymology
Socialist economy paints a simple picture: socialist means thinking of the group and economy is how people make and share goods, so imagine everyone putting their tools and factories into one shared workshop run by the community. That's why it means 'an economy where the state or the community owns and controls big businesses and resources'.