Economic system (socialism #2)

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socialism is one of the economic system which is applied some of the county in the world russia,china ,cuba etc are the countries this system introduecd by russia some characteristics of this system are 1)all sectors of the economy are nationalized 2)Prices are set according to the availibility of resources 3)promised to supply all basic needs of life 4)Equal distribution of wealth every person have equal rights 5)competetion does not exist b/c all firm are under the supervision of government ya hay guys what do think about this system is it beneficial of the economy or not