Economic system

economyeconomic systemseconomiceconomicalallocationeconomiesEconomicallysystemanchor economybusiness
An economic system, or economic order, is a system of production, resource allocation and distribution of goods and services within a society or a given geographic area.wikipedia
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Capitalism

capitalistcapitalistscapitalistic
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism.
Capitalism is an economic system based on the private ownership of the means of production and their operation for profit.

Socialism

socialistsocialistssocialistic
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism. Additionally, socialism can be divided based on their property structures between those that are based on public ownership, worker or consumer cooperatives and common ownership (i.e. non-ownership).
Socialism is a range of economic and social systems characterised by social ownership of the means of production and workers' self-management, as well as the political theories and movements associated with them.

Consumer

consumersconsumer marketend consumer
It includes the combination of the various institutions, agencies, entities, decision-making processes and patterns of consumption that comprise the economic structure of a given community.
As such, consumers play a vital role in the economic system of a nation.

Mixed economy

mixed economiesmixedmixed economic systems
Today the dominant form of economic organization at the world level is based on market-oriented mixed economies.
A mixed economy is variously defined as an economic system blending elements of market economies with elements of planned economies, free markets with state interventionism, or private enterprise with public enterprise.

Institution

institutionsinstitutionalsocial institutions
It includes the combination of the various institutions, agencies, entities, decision-making processes and patterns of consumption that comprise the economic structure of a given community.

State capitalism

state capitalistmonopoly capitalismstate-capitalism
This leads some economists to categorize, for example, the Soviet Union's economy as state capitalism based on the analysis that the working class was exploited by the party leadership.
State capitalism is an economic system in which the state undertakes commercial (i.e. for-profit) economic activity and where the means of production are organized and managed as state-owned business enterprises (including the processes of capital accumulation, wage labor and centralized management), or where there is otherwise a dominance of corporatized government agencies (agencies organized along business-management practices) or of publicly listed corporations in which the state has controlling shares.

Laissez-faire

laissez fairelaissez-faire capitalismlaissez-faire economics
Capitalist systems range from laissez-faire, with minimal government regulation and state enterprise, to regulated and social market systems, with the aims of ameliorating market failures (see economic intervention) or supplementing the private marketplace with social policies to promote equal opportunities (see welfare state), respectively.
Laissez-faire (from laissez faire) is an economic system in which transactions between private parties are absent any form of government intervention such as regulation, privileges, imperialism, tariffs and subsidies.

Means of production

productive propertydifferent organizations of productionforces
Socialist economic systems (all of which feature social ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems.
The ownership and organization of the social means of production is a key factor in categorizing and defining different types of economic systems.

Market economy

market economiesfree market economymarket
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism.
A market economy is an economic system in which the decisions regarding investment, production and distribution are guided by the price signals created by the forces of supply and demand.

Socialist economics

socialist economysocialistsocialist economies
Socialist economic systems (all of which feature social ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems.
Socialist economics comprises the economic theories, practices, and norms of hypothetical and existing socialist economic systems.

Libertarianism

libertarianlibertarianslibertarian state
Libertarians share a skepticism of authority and state power, but they diverge on the scope of their opposition to existing economic and political systems.

Circular economy

closed loopcircularcircular economies
A circular economy (often referred to simply as "circularity" ) is an economic system aimed at eliminating waste and the continual use of resources.

Social system

social systemssocialsocietal system
As such, an economic system is a type of social system.

Property rights (economics)

property rightsprivate property rightsproperty right
The study of economic systems includes how these various agencies and institutions are linked to one another, how information flows between them and the social relations within the system (including property rights and the structure of management).

Free market

free-marketfree enterprisefree markets
Some critics have applied the term neo-colonialism to the power imbalance between multi-national corporations operating in a free market vs. seemingly impoverished people in developing countries.
In economics, a free market is a system in which the prices for goods and services are self-regulated by the open market and by consumers.

State ownership

state-ownedpublic ownershipstate owned
This might take the form of public ownership by all of the society, or ownership cooperatively by their employees. Additionally, socialism can be divided based on their property structures between those that are based on public ownership, worker or consumer cooperatives and common ownership (i.e. non-ownership).
However, state ownership and nationalization by themselves are not socialist, as they can exist under a wide variety of different political and economic systems for a variety of different reasons.

Socialist market economy

Chinese modelSocialism with Chinese characteristicscapitalism in China
The socialist market economy (SME) is the economic system and model of economic development employed in the People's Republic of China.

Market socialism

free-market socialismmarket socialistmarket
Socialist economic systems (all of which feature social ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems.
Market socialism is a type of economic system involving the public, cooperative or social ownership of the means of production in the framework of a market economy.

Mode of production

modes of productionproductionarticulation
The mode of production is a related concept.

Communist society

stateless communismcommunismpure communism
Communism is a hypothetical stage of socialist development articulated by Karl Marx as "second stage socialism" in Critique of the Gotha Program, whereby the economic output is distributed based on need and not simply on the basis of labor contribution.
In Marxist thought, communist society or the communist system is the type of society and economic system postulated to emerge from technological advances in the productive forces, representing the ultimate goal of the political ideology of communism.

Common ownership

community of goodscommon propertyowned collectively
Additionally, socialism can be divided based on their property structures between those that are based on public ownership, worker or consumer cooperatives and common ownership (i.e. non-ownership).
Forms of common ownership exist in every economic system.

Planned economy

command economycentrally planned economyplanned economies
The analysis of economic systems traditionally focused on the dichotomies and comparisons between market economies and planned economies and on the distinctions between capitalism and socialism.
A planned economy is a type of economic system where investment, production and the allocation of capital goods take place according to economy-wide economic plans and production plans.

Capital accumulation

accumulation of capitalaccumulationLaw of accumulation
The primary emphasis of socialist planned economies is to coordinate production to produce economic output to directly satisfy economic demand as opposed to the indirect mechanism of the profit system where satisfying needs is subordinate to the pursuit of profit; and to advance the productive forces of the economy in a more efficient manner while being immune to the perceived systemic inefficiencies (cyclical processes) and crisis of overproduction so that production would be subject to the needs of society as opposed to being ordered around capital accumulation.
The process of capital accumulation forms the basis of capitalism, and is one of the defining characteristics of a capitalist economic system.

Private property

Privateprivate ownershipprivate land
Private property thus is an important part of capitalization within the economy.

Social ownership

socializationSocialization (economics)socially owned
Socialist economic systems (all of which feature social ownership of the means of production) can be subdivided by their coordinating mechanism (planning and markets) into planned socialist and market socialist systems.
However, by itself public ownership is not socialist as it can exist under a wide variety of different political and economic systems.