There are three and only three ways to organize an economy. All others are merely combinations and permutations of the big three.
One of them is socialism, defined as complete government ownership of the means of production. The state owns, controls and manages the airlines, steel mills, factories, farms, mines, schools, media, etc. Oh, you can keep your toothbrush, underwear and maybe even a bicycle and possibly a private vehicle, but cannot use any of these possessions for commercial purposes. The USSR, Cuba, North Korea, Eastern Europe, China, all tried that system, and we all know how that worked out.
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