Answer:
The economic system you described is called socialism1. Socialism is an economic system in which the means of production are owned by the people, private property does not exist, and all goods and services are shared equally2. Socialism is based on the principles of collective ownership, planned economy, and classless society2. Socialism is often contrasted with capitalism, which is an economic system in which the means of production are privately owned, profit is the main motive, and market forces determine production and distribution3. Socialism aims to eliminate the social and economic inequalities that result from capitalism, and to promote cooperation and solidarity among the people2. However, socialism also faces many challenges and criticisms, such as the lack of incentives, efficiency, and innovation, the loss of individual freedom and choice, and the possibility of authoritarianism and corruption4. There are different types and models of socialism, such as democratic socialism, market socialism, and communism2. Some examples of countries that have adopted or attempted socialism in various forms are China, Cuba, North Korea, Vietnam, and Venezuela5.
Step-by-step explanation: