The nationalization of key industries in countries such as Sweden and India is indicative of a(n) ____ economy.
A) socialist
B) communist
C) capitalist
D) nationalist
E) industrialized

Question

Quizplus · Accepted Answer

The nationalization of key industries, which involves the government taking control of industries like oil, transportation, and telecommunications, is typical of a socialist economy. In a socialist economy, the government plays a large role in owning and controlling the means of production and distribution in order to promote social welfare and reduce income inequality. This approach is distinct from a capitalist economy, where private ownership and the free market are emphasized, and a communist economy, where the government owns all means of production and distribution. Nationalist and industrialized economies are not recognized economic systems, and are not relevant in this context.

The Nationalization of Key Industries in Countries Such as Sweden