What type of economy is characterized by government ownership and control over all means of production?

The type of economy characterized by government ownership and control over all means of production is best described as a communist economy. In this system, the government typically eliminates private ownership of resources and industry, aiming for a classless society where wealth and resources are shared equally among the population. The underlying principle of communism is that all economic activity is planned and directed by the state, thereby ensuring that disparities in wealth and access to resources are minimized or eliminated.

In contrast, a capitalist economy is defined by private ownership of the means of production and the operation of those resources based on market forces rather than government control. A mixed economy combines elements of both capitalism and socialism, incorporating both private enterprise and significant government intervention. A socialist economy emphasizes social ownership, which may be collective or state-owned, but does not necessarily imply complete government control over all economic activities as seen in a communist economy.