Socialist economy is one that, the price of goods is been controlled by the government and this organization are called public organizations, because their activities is for the favour of the public and not making profit.
Socialist economy is what is being practice here in Nigeria. Though for the benefits of the public, but sometimes not always like that. Thanks for your quality post and your support for ALL4ONE project
Really we have socialist economic system but we have capitalist too and that will be my next post in the day assigned to such, I will tell you about the mixed economy.