SOCIO-ECONOMIC SYSTEMS IN THE WORLD

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Terms like Capitalism, Socialism and Communism are frequently used in general parlance, but it is important to understand the underlying meaning and philosophies behind these terms. These terms collectively denote the different socio-economic systems in use across the world. For greater clarity, general principles of these political philosophies have been explained below.

A)Capitalism :--Capitalist system of organizing the state and society is based on the principles that- there should be private ownership of country’s wealth, the economy works on the principle of Laissez Faire i.e. the market forces determine the economic policies and there is no command economy. The State does not tell the industry what to produce, when to produce and how to produce. Also, under the Capitalist system, there is no special protection provided to the working class. The worker is just another factor of production like capital and land (Factors of production are the inputs required for producing the finished goods). The driving forces of the Capitalist system are focus on private enterprise (entrepreneurship), security of private wealth and production for profit motive. Example-USA.

B)Communism:------ Communism is an economic system characterized by the collective ownership of property by the community, with the end goal being complete social equity. The Communist system of organizing the state and society is based on the ideas of Karl Marx where by three things are of importance viz ownership of wealth, economic planning and protection of working class. The wealth of the country should be collectively owned. The economy should be centrally planned (command economy) and the state should take affirmative action for protection of interests of the working class. The driving forces of the communist system focus on equality, collective ownership and production for social good. Both Communism and Capitalism have been adopted differently by different countries as per their own specific. requirements.Example:-china

3)Socialism:------Before we move on to discuss the rise and evolution of socialism, it is important to clearly understand the meaning of the term. Most generally, socialism refers to state ownership of common property, or state ownership of the means of production. Alternatively, socialism is any of the various systems of social organization in which the means of producing and distributing goods can be privately or collectively owned or dictated by a centralized government that often plans and controls the economy. Although, socialism does not always co-exist with only communist or fascist governments, the implementation of socialism in many countries generally requires that a strong central government exist to implement this example:----USSR.

Socialism has the following characteristics:-----a) an egalitarian society. It means no class, caste or color should be discriminated against. “There can be no genuine liberty without equality”.

b) Satisfaction of basic needs:--- Motive of profit should be replaced by motive of service. The state should focus distribution of resources not where it will fetch the highest value, but where it is most needed.

c) Common Ownership:---- Common ownership of all the means of production. For them, an industry which is collectively owned is more efficient and from the moral point of view more satisfying.

d) Ideal of service:----- Socialism advocates the idea of general welfare or common good. It protests against the harsh materialism and individualism of classical liberals.

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. Some economies are highly centralized, while some others completely decentralized. They all stand for equality but differ on meaning attached to it.

•with the time a new concept known as mixed economy was emerged where- 
The following are the main characteristics of mixed economy:---

• Co-existence of the Private and Public Sectors. ...
  • Existence of Joint Sector. ...
  • Regulation of Private Sector. ...
  • Planned Economy. ...
  • Private Property. ...
  • Provision of Social Security. ...
  • Motive of Business Concerns. ...
  • Reduction of Inequalities of Income and Wealth.

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