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Comparative Analiysis of Popular Economic Systems

This document compares four major economic systems: capitalism, socialism, communism, and fascism. Capitalism is based on private ownership and operation for profit. Socialism involves social or public ownership and worker self-management. Communism aims to establish a classless, moneyless, and stateless society with common ownership. Fascism is a far-right authoritarian form of nationalism with dictatorial power and forcible suppression of opposition.

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Bai Ayhan Abdullah
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33 views

Comparative Analiysis of Popular Economic Systems

This document compares four major economic systems: capitalism, socialism, communism, and fascism. Capitalism is based on private ownership and operation for profit. Socialism involves social or public ownership and worker self-management. Communism aims to establish a classless, moneyless, and stateless society with common ownership. Fascism is a far-right authoritarian form of nationalism with dictatorial power and forcible suppression of opposition.

Uploaded by

Bai Ayhan Abdullah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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COMPARATIVE ANALIYSIS OF POPULAR ECONOMIC SYSTEMS

Comparative Economic Systems is the sub-field of economics dealing with the comparative study
of different systems of economic organization, such as capitalism, socialism, communism, and the
fascism.
Capitalism is an economic system based on the private ownership of the means of production and their operation
for profit.
Socialism is a range of economic and social systems characterized by social ownership of the means of production
and workers' self-management, as well as the political theories and movements associated with them. Social
ownership can be public, collective or cooperative ownership, or citizen ownership of equity.
Communism is a philosophical, social, political, and economic ideology and movement whose ultimate goal is
the establishment of a communist society, which is a socioeconomic order structured upon the ideas
of common ownership of the means of production and the absence of social classes, money, and the state.
Fascism is a form of far-right, authoritarian ultra nationalism characterized by dictatorial power, forcible suppression
of opposition, and strong regimentation of society and of the economy which came to prominence in early 20th-
century Europe.
Types of Politico Economic System

System Communism Socialism Capitalism Fascism


Characteristics No Social Classes Property Social Productive Powerful and
No Money Ownership, resourced are Continuing
No Private property Allocation owned, private Nationalism,
Democratic, etc. Economic ownership, Disdain for Human
Planning freedom of speech, Rights and
Organization Self- freedom of press controlled mass
Management and to vote. media

System theory Produce Goods Income tends to be Conduct activities Totalitarian


,Goods and Free equally distributed. freely without Government and
Education. There’s a freedom government Free Education for
of choose wither intervention, the there citizens.
private or public citizens are can
school. choose for there
school.
System Practices System is use to Free election Combine private This aim is to
describe Freedom of choice resources prepare the
totalitarian for the citizens. ownership of the nation for armed
government where citizens. conflict, and to
rights and Freedom of choice respond to
privileges of for the citizens. economic
individual are difficultie
suppressed.
Leader Example Gorbachev of USSR Rodrigo Duterte, Hitler of Germany
Mao Tse-Tung of Donald Trump, Franco of Spain
China Mussolini of Italy
Karl Marx

Country Example North Korea, Soviet Sweden, Denmark, Philippines, USA, Uganda, Germany,
Union Norway, United canada and Japan Italy, Spain and Etc.
Kingdom

Analysis Comments All forms of Only minor Capitalism are Private ownership
political and industries are susceptible to of properties is
economic activities allowed for private making excessive allowed but the
are controlled by operation. profit government on
government. how they shoul be
utilized.
Four Types of Economy System
I. Traditional Economy
A traditional economy, as the name suggests, is based on a traditional approach. These economies are based on
ancient rules and are the most basic type of economy. The focus in a traditional economy is only on the goods
and services that match their customs, beliefs, and history.

II. Command Economy


A command economy is the opposite of a free market economy. In a command economy system, there is one
centralized power, which in most cases is the government. So the government makes all decisions regarding the
economy. It will decide which goods and services will be produced, in what quantities. The price will also be
determined by such centralized power and not by market forces.

III. Market Economy


This is the complete opposite of a command economy. A free market economy relies entirely on the free market
and free market trends. There is no involvement or interference from the government or any such controlling
power. This means there are no rules or regulations imposed on either buyers or sellers. The entire economy is
determined by the participants of the economy and the laws of demand and supply.

Laissez-faire(French term that translates as "leave alone" (literally, "let you do"),is an economic system in
which transactions between private parties are free from any form of government intervention such as
regulation, privileges, imperialism, tariffs and subsidies.

IV. Mixed Economy


A mixed economy is a perfect marriage between a command economy and a free market economy. So, by and
large, the economy is free of government intervention. But the government will regulate and oversee specific
sensitive areas of the economy like transportation, public services, defense etc. Such an economy is known as a
dual economy.

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