An economic system in which most means of production are owned and controlled by the State is known as a

An economic system in which most means of production are owned and controlled by the state is known as a socialist economy. In a socialist economy, the state plays a major role in planning and managing the economy, with the goal of achieving greater social and economic equality. The state may own and operate key industries such as healthcare, education, and transportation, as well as regulate and control private enterprise. This is in contrast to a capitalist economy, in which private individuals and businesses own and operate the means of production, and the government's role is limited to regulating and providing some services. A mixed economy combines elements of both socialism and capitalism, with varying degrees of government intervention in the economy depending on the specific country or region.