Types of political systems and their economies

COMMUNISM communism means a scheme of equalizing the social conditions of life; specifically, a scheme which contemplates the abolition of inequalities in the possession of property, as by distributing all wealth equally to all, or by holding all wealth in common for the equal use and advantage of all. The means to achieve this is by collectivization of all private property. Although meant to indicate the means of production, to be consistent communism requires that no individual may own anything exclusively, privately. Not the product of his work (thus his mind), nor any personal material benefit he may achieve as a result of it. All material is centralized and distributed by legislators, the intention being to achieve equal utility (of material) by all. Freedom of expression tends also to be mediated by the state for the same reasons and to maintain the 'integrity' of the collective. In practice communism fails dismally. The only way it can be achieved is if every single member of a communist society is in absolute agreement with the above arrangement - and that the legislators are not open to corruption in the form of personal acquisition or favor. Communist economy A communist economy is one of the three types of economic system. The two others are the capitalism economy and the mixed economy. The communist economy is also known as the planned economy. In a communist economy, it is fully operated by the government. There are only state owned and controlled businesses. The government answers all the fundamental economic questions. There is very little private sector, if there is any. The goods and services provided are only those which will assuage the NEEDS of the consumers and not its WANTS. Current Communist Countries: China, Cuba, Laos, North Korea, and Vietnam. Formerly Communist countries (by current name):

Formerly part of the Soviet Union: Armenia, Azerbaijan, Belarus, Estonia, Georgia, Kazakhstan, Kyrgyzstan, Latvia, Lithuania, Moldova, Russia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan. Other Asian countries: Afghanistan, Cambodia, Mongolia, and Yemen. Soviet-controlled Eastern bloc countries: Bulgaria, Czech Republic, Germany (East), Hungary, Poland, Romania, Slovakia. The Balkans: Albania, Bosnia and Herzegovina, Bulgaria, Croatia, Rep. of Macedonia, Montenegro, Serbia, and Slovenia.

Africa: Angola, Benin, Dem Rep. of Congo, Ethiopia, Somalia, Eritrea, and Mozambique.

Socialism most generally, socialism refers to state ownership of common property, or state ownership of the means of production. A purely socialist state would be one in which the state owns and operates the means of production. However, nearly all modern capitalist countries combine socialism and capitalism. The University of Idaho, and any other public school or university, is a socialist institutions, and those who attend it or work for it are partaking in socialism, because it is owned and operated by the state of Idaho. The same is true of federal and state highways, federal and state parks, harbors etc. Socialist economy Socialism is an economic system in which the means of production are socially owned and used to meet human needs instead of to create profits. The means of production refers to the tools, technology, buildings, and other materials used to make the goods or services in an economy. Social ownership of the means of production can take many forms. It could refer to cooperative enterprises, common ownership, direct public ownership, or autonomous state enterprises. Social ownership contrasts with capitalist ownership, in which the means of production are used to create a profit. In a socialist economic system, the means of production would instead be used to directly satisfy economic demands and human needs. Accounting would be based on physical quantities or a direct measure of labor-time instead of on profits and expenses. Socialist countries:

China, Denmark, Finland, Netherlands, Sweden, Norway, Ireland, New Zealand and Belgium.

Capitalism In common usage, the word capitalism means an economic system in which all or most of the means of production are privately owned and operated, and the investment of capital and the production, distribution and prices of commodities (goods and services) are determined mainly in a free market, rather than by the state. In capitalism, the means of production are generally operated for profit.

In a purely capitalist economy, there would be no public schools, no state owned or maintained roads and highways, public works, welfare, unemployment insurance, workers compensation, Social Security benefits etc. Capitalist Economic System A Capitalist economic system is one characterized by free markets and the absence of government intervention in the economy. In practice a capitalist economy will need some government intervention, primarily to protect private property. Capitalist economic systems invariably lead to inequalities of wealth and income. However, it is argued that this inequality provides an incentive for wealth generation and economic growth.