1. An economic system based on collective or state ownership of the means of production, with the goal of eliminating class distinctions and distributing resources according to need or contribution
The Soviet Union operated under a socialist economy for most of the 20th century.
A União Soviética operou sob uma economia socialista durante a maior parte do século XX.
2. An economy organized according to socialist principles where production is managed to serve the common good rather than private profit
Cuba's socialist economy emphasizes equal distribution of resources among citizens.
A economia socialista de Cuba enfatiza a distribuição igualitária de recursos entre os cidadãos.