Comparing and Contrasting Economic Systems Essay

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Throughout all of the 1900's the world's developed countries slowly began to practice three main types of economic systems, those of which fell under three categories, communism, socialism and, capitalism. A great example of a communist country was China. This meant that government had total control of production and how it was produced. In this system everyone works for the common good of the people. Socialism consisted of a system where government controlled some factors of production and determined how goods were produced. The last system is that that the United States still practices today, capitalism. Capitalism plays the role of a free economy. This means that individuals own factors of production in order to generate profits.
Although all three systems may be titled different this does not keep them from sharing some similarities. It is clear that all three systems are factors of production. These three systems are all based on the same idea, what to produce, how to produce and, for whom to produce. Socialism and capitalism are more closely related than capitalism is to social...

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