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Economy of Pelaxia: Difference between revisions
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Pelaxia has a highly industrialized, socialist market economy that incentives social ownership and democratic control of means of production effectively and constantly in various forms such as public, cooperative, collective ownership with the possibility of combining the three. In this sense it discourages the existence of private ownership of means of production (private property), but completely upholds and defends the right to personal property. Pelaxia mostly utilizes the market mechanism for the allocation of capital goods and other means of production although there is an edge for central or local intervention/planning. | Pelaxia has a highly industrialized, developed, socialist market economy that incentives social ownership and democratic control of means of production effectively and constantly in various forms such as public, cooperative, collective ownership with the possibility of combining the three. In this sense it discourages the existence of private ownership of means of production (private property), but completely upholds and defends the right to personal property. Pelaxia mostly utilizes the market mechanism for the allocation of capital goods and other means of production although there is an edge for central or local intervention/planning. | ||
The public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other socialist countries, and a strongly integrated welfare system. Pelaxia's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources such as oil. | The public sector is among the largest in the world as a percentage of the overall gross domestic product. The country has a very high standard of living compared with other socialist countries, and a strongly integrated welfare system. Pelaxia's modern manufacturing and welfare system rely on a financial reserve produced by exploitation of natural resources such as oil. | ||