The Economic Systems

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The Economic Systems

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Institution

Capitalism, mixed economy and socialism systems differ in features, ownership and distribution of resources. Capitalism entails an economic system where the means of production and distribution of goods are owned by a minority (Jain & Khanna, 2007). The capitalists tend to maximize their profits through the utilization of capital that they own. In a Socialism economy, the means of production are owned by the state or are collectively owned by all the people within an entity such as township, village, and neighborhoods. The state distributes the resources in this system. On the other hand, a mixed economy is a system that entails both the government and private control. This system reflects the features of both socialism and capitalism (Jain & Khanna, 2007). A mixed economy, just like capitalism, has market forces influencing the economy; however, the market forces are monitored by the government.

The recognition of individual rights must focus on banning the use of physical force, where human relationships exist. In capitalism, there is an individual right to solicit wealth through uti.............


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