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The means of production are the capital and equipment used to produce goods. Some people believe that economies work best when private entities own the means of production; others believe they work best when the public or the state owns them; yet others argue that they should be owned collectively by those who operate them.
Ownership of the means of production is a point of controversy because different ownership structures have implications for the distribution of the economic output produced by capital equipment and land. Whoever owns the means of production receives the passive property income and rental income generated by their operation.
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What is the system that proposed government ownership of the country's means of production?
Socialism
Which type economy does the US have?
The US has an open economy. This type of economy has a capitalist nature.
A symbol burned into an animal's hide to show ownership?
The term branding means to burn a symbol into an animal's hide to show ownership.
Which ideology thought the means of production should be owned exclusively by the state?
The ideology of state capitalism, as in Lenin’s view.
Does the US have a communist government or capitalist?
YES. The US is a mixed economy, but is primarily a free-market capitalist economy. Most businesses are owned by private individuals and the government does not control investment or business choices.
