Economic Systems and Theories

Communism
In a communist society, all able bodied persons would have engaged in obtaining food,
and everyone would share in what was produced by hunting and gathering. There
would be almost no property, other than articles of clothing and similar personal items,
because society produced almost no surplus. The few things that existed for any length
of time (tools, housing) were held communally. There would have been no state.

Capitalism
Capitalism generally refers to an economic system in which the means of production are
all or mostly privately owned and operated for profit, and in which investments,
distribution, income, production and pricing of goods and services are determined
through the operation of a market economy. It is usually considered to involve the right
of individuals and groups of individuals acting as "legal persons" or corporations to trade
capital goods, labor, land and money. Because most economies today are mixed
economies, "capitalism" does not precisely describe most contemporary economies,
due to these economies containing both private-owned and state-owned enterprises, or
that combines elements of capitalism and socialism, or a mix of market economy and
planned economy characteristics.

Socialism
Socialism refers to a broad array of doctrines or political movements that envisage a
socio-economic system in which property and the distribution of wealth are subject to
control by the community for the purposes of increasing social and economic equality
and cooperation. This control may be either direct—exercised through popular
collectives such as workers' councils—or indirect—exercised on behalf of the people by
the state. As an economic system, socialism is often characterized by state or
community ownership of the means of production.

Mixed Economy
A mixed economy is an economy that has a mix of characteristics essential to disparate
economic systems. It is usually defined as an economy that contains both private-
owned and state-owned enterprises or that combines elements of capitalism and
socialism, or a mix of market economy and command economy characteristics. There is
not one single definition for a mixed economy, but relevant aspects include: a degree of
private economic freedom (including privately owned industry) intermingled with
centralized economic planning (which may include intervention for environmentalism
and social welfare, or state ownership of some of means of production).