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Economic Challenges Facing Global and Domestic Business - page 13 / 24

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Government controls determine business ownership, profits, and resource allocation.

Communism

Property owned and shared by the community under a strong central government.

Adopted in early 20th century by many nations, but government-owned monopolies often suffered from inefficiency.

Socialism

Government ownership and operation of major industries, such as healthcare or communications.

Some private ownership of industry allowed.

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