SOCIALIST ECONOMY

Pronunciation (US): (GB):

Meaning:

An economic system based on state ownership of capital

Synonyms:

socialism; socialist economy

Classified under:

Nouns denoting groupings of people or objects

Hypernyms ("socialist economy" is a kind of...):

managed economy (a non-market economy in which government intervention is important in allocating goods and resources and determining prices)

Hyponyms (each of the following is a kind of "socialist economy"):

communism (a form of socialism that abolishes private ownership)

International (any of several international socialist organizations)

national socialism; Naziism; Nazism (a form of socialism featuring racism and expansionism and obedience to a strong leader)