Economics Socialism Questions
In a socialist economy, the role of workers is central and significant. They are considered the backbone of the economy and have a collective ownership and control over the means of production. Workers actively participate in decision-making processes, such as determining production goals, resource allocation, and distribution of goods and services. They are entitled to fair wages, job security, and social benefits, aiming to ensure a more equitable distribution of wealth and opportunities. The emphasis is on promoting worker empowerment, cooperation, and solidarity, rather than individual profit maximization.