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State capitalism facts for kids

Kids Encyclopedia Facts

State capitalism is an economic system where the state government controls most or all steps of making a product. Capitalism is an economic system calling for the private ownership of factories and everything needed to make a product - called the "means of production".

In Free-market capitalism, "private ownership" means that one, or a few, private owners who own a business have control over the means of production, even though the workers are the people who make the products.

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State capitalism Facts for Kids. Kiddle Encyclopedia.