<P> The mutualist tendency associated with Pierre - Joseph Proudhon also continued, influencing the development of libertarian socialism, anarchist communism, syndicalism and distributivism . </P> <P> A socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit (and therefore indirectly for use). "Production under socialism would be directly and solely for use . With the natural and technical resources of the world held in common and controlled democratically, the sole object of production would be to meet human needs ." Goods and services would be produced for their usefulness, or for their use - value, eliminating the need for market - induced needs to ensure a sufficient amount of demand for products to be sold at a profit . Production in a socialist economy is therefore "planned" or "coordinated", and does not suffer from the business cycle inherent to capitalism . In most socialist theories, economic planning only applies to the factors of production and not to the allocation of goods and services produced for consumption, which would be distributed through a market . Karl Marx stated that "lower - stage communism" would consist of compensation based on the amount of labor one contributes to the social product . </P> <P> The ownership of the means of production varies in different socialist theories . It can either be based on public ownership by a state apparatus; direct ownership by the users of the productive property through worker cooperative; or commonly owned by all of society with management and control delegated to those who operate / use the means of production . </P> <P> Management and control over the activities of enterprises is based on self - management and self - governance, with equal power - relations in the workplace to maximize occupational autonomy . A socialist form of organization would eliminate controlling hierarchies so that only a hierarchy based on technical knowledge in the workplace remains . Every member would have decision - making power in the firm and would be able to participate in establishing its overall policy objectives . The policies / goals would be carried out by the technical specialists that form the coordinating hierarchy of the firm, who would establish plans or directives for the work community to accomplish these goals . </P>

Who or what owns the means of production in a socialist economy
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