Economic Systems around the World and how each system serves to be important to each country.

Economic Systems Mind Map

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Economic Systems around the World and how each system serves to be important to each country. by Mind Map: Economic Systems around the World and how each system serves to be important to each country.

1. Mixed Economy is the current front runner to where most Countries are leaning towards and the main one is the United States of America.

1.1. In a Mixed Economy its takes part of Socialism and Capitalism and mashes them together. People have the right to private lands and businesses. The government has regulations though on lands and businesses. Taxes are paid and distributed back in to government ran institutions. Welfare is free money for the poor, some free education along with high cost private schools.

1.1.1. Pros

1.1.1.1. The key elements that makes the U.S. mixed economy so important is that we have Free-market and Command economies. We have such a wide varity of goods and services to choose from and if we need help the governement will assist you with food, health and shelter programs.

1.1.2. Cons

1.1.2.1. In a mixed economy officials are elected through a voting system and the majority wins. The problem is that if the majority doesn't agree with your views as an American you are stuck adopting the policies of these elected officials. The government hides certain projects with classified information and always going to war. Higher taxes and goods can cause inflation and could potentially cause a depression and or stock market crash.

2. Communism is currently used in parts of Asia like China and North Korea.

2.1. Communism system is where the public has ownership of all businesses. The government runs everything including healthcare, education, job placements, prisons.

2.1.1. Pros

2.1.1.1. If Communism is supposed to work the way it was meant there could be beneficial factors. Everyone would get a free education but without excellent teachers and accepting worldly views their ignorance could only hold them back. Another positive is that everyone has a job. Everyone will either be assigned a job, and no one is better than the other which could lower crime rates.

2.1.2. Cons

2.1.2.1. The problem with Communism is that as a society you are a small part that keeps the wheels turning. Where’s the incentive to do any better? You can’t make more money than the person next to you. You can’t increase your supplies and, in most cases,, you run out of supplies. It’s basically prison, you do not have the freedom of religion and sometimes you can’t even leave the county.

3. Socialism is currently used in some countries like Sweden, Brazil, and Venezuela.

3.1. In socialism the government owns most business and they do this in part with society to distribute the wealth and services among the people.

3.1.1. Pros

3.1.1.1. For example, Sweden has government national health care and they are able to fund this by using taxes. That is great to have because you'll never have to worry about a hospital bill and going into debt because of a illness or disease.

3.1.2. Cons

3.1.2.1. One downside to socialism is that certain freedoms are restricted. Choosing your own healthcare provider and educational institute you or your children would like to attend.

4. Capitalism is currently used in some countries like, Canada, Hong Kong, and the United Kingdom.

4.1. In the Capitalism society everything produced and distributed are all done by individual people or companies. Including the land and railroads. Everything is operated for profit and the government doesn't have much say in the supply or demand.

4.1.1. Pros

4.1.1.1. There are so many pros to list but it all boils down to the freedoms that Capitalism allows. The freedom to run any kind of business, the freedom to own private property, the freedom to have competition against other businesses. The Freedom to worship and the freedom to protest.

4.1.2. Cons

4.1.2.1. One of the many negatives that come with Capitalism is the defaults of inequality. Racism, sexism, gender and age discrimination are among the many of the complications of having so much freedom. It's hard to have oversight over so many factors that the government inevitably has to intervene.