Socialist economy balances freedom and social equality.
<u>Explanation:
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A socialist economy has a good scope of economy and influence. There is enormous scope for freedom and human development. Concepts like social ownership, planning, values, economic theories, practices.
The government will ensure the freedom and equality among its citizens irrespective of the economic situation in the country.
A truly good society must enable citizens not only to meet the basic needs but also to live with respect, accountability, social equality, freedom.