Which economic system emphasizes government ownership and control of resources and industries?

The economic system that emphasizes government ownership and control of resources and industries is communism. In a communist system, the government holds the means of production and distribution, with the goal of achieving a classless society where all members of the community have equal access to resources. This contrasts sharply with capitalism, where private ownership and individual entrepreneurship are key features, allowing for competition and profit motives.

Communism aims to eliminate private ownership completely, leading to the state's control over all economic activities. This approach is intended to mitigate social inequalities that arise in systems where individuals can accumulate wealth and power independently. As a result, in a communist economy, the government not only regulates economic activity but also seeks to provide for the needs of all citizens.

Conversely, oligopoly refers to a market structure where a few firms dominate an industry, and a market economy is one where prices and production are determined by unrestricted competition among privately owned businesses. Neither of these systems prioritizes government control as commuism does.