In a socialist economy, private accumulation of wealth is
Answer Details
In a socialist economy, private accumulation of wealth is either prohibited or limited.
A socialist economy is an economic system in which the means of production, distribution, and exchange are owned and controlled by the state or the community as a whole. The goal of a socialist economy is to achieve greater social and economic equality by distributing wealth and resources more fairly among the population.
In order to achieve this goal, private accumulation of wealth is restricted or prohibited in a socialist economy. This means that individuals and companies cannot accumulate unlimited amounts of wealth through private enterprise. Instead, the government or the community controls the distribution of resources and determines how much wealth each individual is allowed to accumulate.
The extent to which private accumulation of wealth is restricted or prohibited can vary depending on the specific type of socialist economy. In some cases, private enterprise is allowed but heavily regulated, while in others it is completely prohibited. Overall, the main goal of a socialist economy is to promote greater social and economic equality by limiting the accumulation of wealth by individuals or corporations.