Question

Which economic system has the theory that all property should be owned by the government and distributed fairly to the people?

Answer 1

The economic system you are referring to is socialism. In socialist theory, the government or the community as a whole owns and manages resources and means of production, with the aim of distributing wealth and goods fairly among the population. The focus is on reducing income inequality and providing equal access to essential services and resources. In some variations of socialism, the extent of government ownership can vary, and there can be a blend with other economic systems like capitalism, leading to mixed economies.