Economic Systems

Economic systems are the systematic ideas that indicate how the means of production are owned and managed in a particular country.

This being so, If persons are allowed to own and manage the means of production, the economic system is capitalism.

If government is allowed to own and manage the means of production, the economic system is socialism.

And if both persons and government are allowed to own and manage the means of production, the economic system is mixed economy.

It is in this lucid manner that this book will teach you economic systems.

It clearly explains capitalism. It throws light on the credit and debit sides of capitalism.

It analyzes socialism. It sheds light on the credit and debit sides of socialism.

It appraises mixed economy. It casts light on the good and bad sides of mixed economy.

It evaluates the economic problem of ‘what to produce’ and how to solve it in capitalism, socialism and mixed economy.

It discusses the economic problem of ‘how to produce’ and how to solve it in capitalism, socialism and mixed economy.

It examines the economic problem of ‘for whom to produce’ and how to solve it in capitalism, socialism and mixed economy.

And it explores the economic problem of ‘how to use resources efficiently’ and how to solve it in capitalism, socialism and mixed economy.