What belief advocates for government control of major sectors of the economy?

The belief that advocates for government control of major sectors of the economy aligns most closely with socialism. This ideology emphasizes collective or governmental ownership and management of the means of production, aiming to redistribute wealth and promote economic equality. In socialist systems, the government typically plays a significant role in regulating or controlling key industries such as healthcare, education, and public utilities to ensure that resources and services are available to all members of society rather than being driven solely by profit motives.

While social democracy shares some principles with socialism, such as the desire for social justice and government intervention in the economy, it primarily advocates for a political system that combines a capitalist economy with extensive social welfare programs. This means that under social democracy, major sectors may be regulated or influenced by the government, but it does not necessarily call for outright government control of all major sectors.

Laissez-faire is characterized by minimal government intervention in the economy, promoting free-market principles where private entities operate without government interference. Capitalism, on the other hand, emphasizes private ownership and the free market as the primary means of economic organization, counter to the concept of government control.

Therefore, socialism is the belief that most accurately entails government control over significant parts of the economy.