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by 19kid was born in89 on August 8th, 2008
Capitalism in its narrowest sense is simply private ownership of capital. Capitalism, the economic system, is the system in which the means of production are owned by private persons, and operated for profit[1] and where investments, distribution, income, production and pricing of goods and services are predominantly determined through the operation of a free market.
Socialism refers to any of various economic and political concepts of state or collective (i.e. public) ownership and administration of the means of production and distribution of goods and services, some of which have been developed into more or less highly articulated theories and/or praxis.
Communism is a socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless society based on common ownership of the means of production and property in general.
by sts_raja on May 22nd, 2010
Different Types of Economies? Market, Mixed and Command Economies.
Hope this may help you for detailed:
http://layman-blog.blogspot.com/2010/05/different-types-of-economies-market.html
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You're reading List and define the three main types of economic systems found around the world.
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