Which economic system is characterized by government control of production and property?

The correct answer is socialism, which is characterized by government control over the production of goods and services as well as property ownership. This economic system emphasizes collective or governmental control, aiming to reduce inequalities associated with capitalism. In a socialist framework, the means of production are often owned or regulated by the state, allowing for economic decisions to be made based on social welfare and public benefit rather than individual profit.

In contrast, capitalism is defined by private ownership of production and market-driven economies, where supply and demand dictate prices and production levels. Anarchism advocates for the absence of a governing authority, promoting self-managed, stateless societies. Fascism integrates authoritarian control with a mixed economy, but it does not focus solely on government ownership of production in the way socialism does. Understanding these distinctions underscores why socialism accurately represents the characteristics described in the question.