Socialistic Economy

[Md. Alamgir Hossan]

Socialist means the system under which economic system is controlled and regulated by the government so as to ensure welfare and equal opportunity to the people in a society. The idea of socialism is first introduced by Karl Marx and Fredric Engles in their book, ‘The Communist Manifesto'. The word socialism means ‘all things to all men’. According to Samuelson, “Socialism refers to the government ownership of the means of production, planning by the government and income distribution”.