Socialist countries

Definition

Socialist countries are those where major industries and resources are owned or controlled collectively by society rather than privately. These countries typically have government control over economic planning and distribution of resources.

Related terms

Communism: An ideology advocating for classless societies where all property is publicly owned, aiming for a stateless society eventually.

Collectivization: The process implemented in some socialist/communist countries where private farms were consolidated into large collective farms under state control.

Command Economy: An economic system where production decisions are made centrally by a governing authority rather than being determined by market forces.