The centralized government that often plans and controls the economy is called socialism.
In socialism, the means of producing and distributing goods are commonly owned collectively or by the state. This system aims to reduce economic inequality and provide social welfare benefits to its citizens through government intervention in economic activities.
Examples of countries that have adopted socialist principles include Cuba, Venezuela, and China, where the government plays a significant role in regulating the economy and providing social services like healthcare and education to the population.
