The nationalization of key industries in countries such as Sweden and India are indicative of a socialist economy. A socialist econmy is one where there is social ownershiper and operation that controls production. Within socialist societies, the market allocates all of the input and outpus for goods. This type of economy is usually more structured and planned over other types of economies.
India and Sweden are examples of a socialist economy.
What is a socialist economy?
A type of economy, where the important departments of control are taken into the hands of direct control by the government, is known as a socialist economy.
For example, India, where railways are under the control of government via Indian Railways. Apart from India, Sweden and France are some of the best examples of a socialist economy.
Hence, the significance of Socialist economy is aforementioned.
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