State socialism

State socialism is a socialist system in which the state owns or directs major economic activity, including investment, production, or distribution.

Central planning: An economic system in which public authorities set production targets and allocate resources. Planning is a principal way state-socialist governments coordinate economic activity.
Karl Marx: A nineteenth-century philosopher and political economist whose writings shaped socialist and communist movements. Marx's critique of capitalism became a major intellectual source for state-socialist movements.
Soviet Union: A federal socialist state that existed across Eurasia from 1922 to 1991. The Soviet Union became the most influential example of a centrally directed socialist economy.
Social democracy: A political tradition that pursues equality and social welfare through democratic institutions and a regulated market economy. It seeks socialist aims without generally replacing private ownership with state direction.
Economic calculation problem: The problem of determining efficient resource allocation without prices formed through exchange of privately owned goods. It challenges whether planners can coordinate complex production as effectively as market prices.
State ownership: Ownership of assets by government institutions on behalf of the public. It gives the state direct control over firms and productive resources.
Friedrich Engels: A German philosopher and political theorist who collaborated with Karl Marx on socialist writings. Engels helped formulate and popularize ideas later used to justify state-led socialist projects.
People's Republic of China: A state founded in 1949 under the leadership of the Chinese Communist Party. China built a state-socialist economy before introducing extensive market reforms.
Capitalism: An economic system characterized by private ownership of productive assets and production for markets. Its reliance on private ownership and market coordination contrasts with state control of major economic activity.
Shortage economy: An economy in which persistent excess demand makes goods difficult to obtain at official prices. Price controls and production targets could leave state-socialist consumers facing chronic shortages.

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