What is socialistic economy?

Question

i need a brief definition of this kind of economy. TY. ASAP pls...

Answer 1

An economy in which wealth is shared. Income is collected and redistributed evenly and fairly to all members of the society. This is done through extremely high taxation. The government then implements comprehensive social plans such as welfare and medical care.

Answer 2

Socialism generally refers to an economy based on public control of the markets. Of course there are a few different levels and theories.

An individual market might be socialised, like healthcare in Sweeden is provided almost entirely by the state, or an entire nation may have a socialised economy like say Cuba, where on one owns land or production facilities.