Essay --

passim history, many different types of scotch models and theories ache been developed. These different philosophies of business a lot were an important and integral part of a governments basal structure. For example communist countries like China and the Soviet Union secure a type of socialism. While, democratic nations like the United States and Canada practice forms of capitalist prudence. excessively within these economic models exists different theories as well such as Keynsian economics and laissez faire economics. To understand how these types of economies work in the world today, it is important to flying field and define a variety of economic clays. Researching such economic systems as capitalism and socialism, and too looking at the ideas of laissez faire and the Keynsian economics, a mortal get out start to have a better understanding of how business whole kit in the world today.One of the most common major types of economic systems in the world today i s capitalism. In its simplest terms, capitalism can be defined as an economic system in which a areas trade and industry are run by nonpublic organizations for profit. So within capitalism major industries such as manufacturing, energy, banks, transportation, euphony and more are not run by the government. The earliest forms of capitalism can be traced to the 17th century English Puritans who possessed a strong work ethic that focused an importance on originative labor. Modern capitalism is said to have started in the mid-18th century with the pedigree of factories. Factory owners were able to maximize wealth by making goods that were in-demand and also by streamlining labor. For capitalism to work. supply and demand is typically unregulated by government. It is based on the f... ...omy. For example, China is considered a communist government. However for their economy to exist in the world market, some private ownership and factories have been allowed to exist with gov ernment oversight. And the United States while considered a capitalistic hostelry has such institutions as public schools, energy, medicare, and services which all share in and benefit from equally. All economic systems also have their pros and cons. For example, Capitalism has been criminate of ignoring the individual in pursuit of profit. While socialism does not return the entrepreneur with wealth, but often punishes the rich with crushing taxes. In the end, the trump out way to understand how economies work in the world today is to look for each ones basic history and definition. In this way a person can make an informed decision on what economic system they believe works best