Considering the style of government, in a socialistic economic system, the factors of production are owned collectively rather than individually, and no incentives to work harder or produce quality products are provided.
Socialism is a style of government that operates so that the community owns all the properties, and every individual receives equally the economic resources allocated by the government.
Therefore, equal sharing reduces the incentives to work harder or produce quality products.
Hence, in this case, it is concluded that the correct answer is "Socialistic Economic system."
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