as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
describe the economic system of socialism in one sentence.
user
socialism is an economic system in which the means of production are collectively owned and managed by the government and resources and products are distributed according to need.
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