What Kind of an Economic System Is Characterized by Government

question 191

Short Answer

What kind of an economic system is characterized by government ownership of virtually all resources and economic decision making by central-government planning?

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Definitions:

Verstehen

The process of understanding social behavior from the point of view of those engaged in it.

Weber

Refers to Max Weber, a German sociologist and political economist known for his theories on the structure of society, religion, and the development of capitalist economies.

Persistent Problems

Issues or challenges that continue over a long period, often resisting attempts at solution or mitigation.

Sociologists

Scholars and practitioners who study social behavior, institutions, structures, and processes, aiming to understand how human action and consciousness shape and are shaped by surrounding cultural and social structures.