Socialist approach of Planning Socialist approach of planning is similar to interventionist planning. The classical conception of socialist economic planning held by Marxists involved an economic system where goods and services were valued, demanded and produced directly for their use-value, as opposed to being produced as a by-product of the pursuit of profit by business enterprises. This idea of “production for use” is a fundamental aspect of a socialist economy. This involves social control over the allocation of resources and production. This differs from planning within the framework of capitalism, which is based on the planned accumulation of capital in order to either stabilize the business cycle (when undertaken by governments) or to maximize profits (when undertaken by firms), as opposed to the socialist concept of planned production for use. “Socialist planning “usually refers to the Soviet-type command economy. The main features are: Centrally (gover
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