Public Ownership of the Means of Production-In a Truly Socialist

Short Answer

Public ownership of the means of production-in a truly socialist economy,the means of production are______________ owned and controlled by a collectivity or the state,not by private individuals or corporations.For example,prior to the early 1990s,the state owned all the natural resources and almost all the capital in former Soviet Union.At least in theory,goods were produced to meet the needs of the people.Access to housing and medical care__________________________________________was considered to be a right.Leaders of the former Soviet Union and some Eastern European nations decided____________________________to abandon government ownership and control of the means of production because the system was______________ unresponsive to the needs of the marketplace and offered no incentive for increased efficiency.Since the____________________________ 1990s,Russia and other states in the former Soviet Union have attempted to privatize ownership of production.______________ In privatization,resources are converted from state ownership to private ownership;the government takes an active role in developing,recognizing,and protecting private property rights.