What type of economy has a socialist view of society?

Different socialists have different ideas about the role of public ownership, and socialist parties have changed their views, too. At the one extreme, some socialists have argued that all the main means of production should be owned either by the state or local authorities or co-operatives. Most social democratic parties in Europe have, when in office, at one time or other favoured 'mixed econmies' - that is, partly capitalist and partly public owned. (Consider for example, Britain around 1950). In recent decades, however, most European social democrats have tended to favour capitalism.