Socialism entails more social ownership of the means of production. Proponents of socialism believe that central planning can achieve greater good for a larger number of people. They do not trust that free market outcomes will achieve the efficiency and optimization posited by classical economists, so socialists advocate measures that can include price fixing, income redistribution and intense trade restriction. Mixed economies rarely go to this extreme, instead identifying only select instances in which intervention could achieve outcomes unlikely to be achieved in free markets.
Congress passes regulations to make sure no one is manipulating the market. The Constitution protects the free press to give everyone equal access to information. More 5 More on the Command Economy Bow of ice breaker w/ USSR sign, Baffin Island. Credit: Yvette Cardozo PREMIUM/Getty Images Many aspects of the . economy follow the characteristics of a command economy. First, there is an annual federal budget that outlines the government's priorities. That takes the place of a central plan.