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a way of organizing a society in which major industries are owned and controlled by the government rather than by individual people and companies
Workers vote to make business decisions. The former Soviet Union is an example of a socialist system. Cuba is an example of a socialist nation. Its economy is state run and it lacks a stock exchange.
A Socialist country is a country where the government or the public as a whole has control over the economy. In a socialist country, the producing and dispersing of goods is owned by the government. Socialism is placed in between capitalism and communism.
     
 
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