World Economic Systems Questions
In a socialist market economy, public ownership refers to the collective ownership and control of key industries and resources by the state or the public. This means that the government or the people as a whole have ownership and decision-making power over the means of production, distribution, and exchange. Public ownership aims to ensure that the benefits and profits generated by these industries are shared among the entire society rather than being concentrated in the hands of a few individuals or private entities. It is a fundamental principle of socialism, emphasizing the importance of collective welfare and the equitable distribution of resources.