Economic systems
by kyrisha Echols
1. Capitalism
1.1. An economic and political system in which a country's trade and industry are controlled by private owners for profit, rather than by the state.
1.2. Pros of capitalism
1.2.1. 1. Efficiency 2. Economic growth
1.3. Cons of capitalism
1.3.1. 1. Monopoly power 2. Wealth inequality
1.4. Country run by capitalism
1.4.1. Hong Kong
2. Mixed economy
2.1. An economic system combining private and public enterprise.
2.2. Pros of a mixed economy
2.2.1. 1. Equal distribution of control 2. Freedom from private enterprise
2.3. Cons of a mixed economy
2.3.1. 1. Lack of social mobility 2. Higher taxes
2.4. Country that is run by a mixed economy
2.4.1. Iceland
3. Socialism
3.1. A political and economic theory of social organization which advocates that the means of production, distribution, and exchange should be owned or regulated by the community as a whole.
3.2. Pros of socialism
3.2.1. 1. More equal society 2. Free health care
3.3. Cons of socialism
3.3.1. 1. Lack of incentives 2. Welfare state
3.4. Country run by socialism
3.4.1. Vietnam
4. Communism
4.1. A political theory derived from Karl Marx, advocating class war and leading to a society in which all property is publicly owned and each person works and is paid according to their abilities and needs.
4.2. Pros of communism
4.2.1. 1. Decreased unemployment rate 2. Increased education rate
4.3. Cons of communism
4.3.1. 1. Lack of ambition 2. Corruption
4.4. Country that is run by communism
4.4.1. China