USA HISTORY

Detailed explanation-1: -Socialism is an economic and political system based on public or collective ownership of the means of production that emphasizes economic equality. Vladimir Lenin was the architect of Russia’s 1917 Bolshevik revolution and the first leader of the Union of Soviet Socialist Republics.

Detailed explanation-2: -A command economy is an economic system where the government has control over the production and pricing of goods and services.

Detailed explanation-3: -In a true communist economy, the community makes decisions. In most communist countries, the government makes those decisions on their behalf. This system is called a command economy. The leaders create a plan that outlines their choices, and it’s executed with laws, regulations, and directives.

Detailed explanation-4: -Communist countries, particularly Russia and China, decided on a centrally planned economy (aka command economy). The centrally planned economy had the following major attributes: The government owns all means of production, which is managed by employees of the state.

Detailed explanation-5: -Socialism is, broadly speaking, a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government. Socialism is based on the idea that common or public ownership of resources and means of production leads to a more equal society.