A fully planned economy means one in which all the important means of production are publicly owned.

In communist and socialist societies all land, housing etc are owned by the state. The logic of public ownership is based upon the desire for a fairer distribution of income and wealth. The elimination of private ownership is seen as the most effective way of removing inequalities of opportunity.

It is also argued by the supporters of the planned economy that only the direct ownership of means of production can give the state the full control that it needs in order to carry out its economic plan.

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