I need to prepare a chart of different types of economic systems prevalent in the world, and I need to list out countries as capitalist, socialist and mixed economy.

Expert Answers
Karen P.L. Hardison eNotes educator| Certified Educator

There are four types of economies and three are significantly prevalent in the world today.

  • Traditional Economy: Family or community oriented. Subsistence based economy. Aboriginies provide a present-day example for this generally outmoded type of economy.
  • Command Economy: Centrally controlled economy. Government makes all decisions. Presently, two kinds of command economy are recognized. These are communism and socialism. Dictatorships and absolute monarchies may also command their economies. Examples of countries with command economies are Cuba, North Korea, Burma, Iran, Liberia. The dominant factor relevant to command economies is that economic benefit is collectivized rather than individualized: the group receives shared benefits rather the individual receiving private benefit. Profit-making is thwarted by redistributing and collectivizing income generated by each specific individual.
  • Free Market Economy: Individual based economy. Consumer based system. Consumption choices made by consumers is said to be what drives the free market economy. Some might argue that, in today's complex society, it is actually the producer who drives the economy by deciding and restricting what products the consumer has to choose between. This idea may be substantiated by consumer protests about toxic materials in goods from foods with dioxin exposure to clothes with formaldehyde and flame retardant treated fibers to cosmetics and grooming products with phthalates. Examples of countries with free market economies are US, UK, Austria, Israel, South Korea, Luxembourg, Taiwan and Oman.
  • Mixed Economy: Mixed economies are those that combine economic ideologies in order to meet specific goals. For example, the US incorporates elements of a command economy into free market economy capitalism in order to regulate polluting capacities of industrial producers. The US also incorporates elements of a command economy in order to protect against having families going hungry, disabled people living on the streets begging, elderly retirees living in states of destitution. Denmark incorporates large elements of socialistic command economy in order to ensure a high standard of education, health care, and lifestyle for those who wish to learn and have prosperous careers, those who are ill, and those who lose their jobs or are unable to work. Examples of countries with mixed economies are Russia, France, Sweden, the UK, Canada, Hong Kong.

Mixed Economies listed according to amount of government spending as % of GDP, Tejvan Pettinger

Kinds of Free Market Economy capitalism and examples of free market economy capitalist countries, "Examples of Capitalism," YourDictionary.

Socialism as Command Economy and examples of command economy socialist countries, "Examples of Socialism," YourDictionary.

malkaam | Student

I'll just list them out:

Capitalist Economy:

"While many would argue that there are no examples of true capitalism, some examples of countries employing capitalism include:

  1. Germany
  2. United States
  3. China
  4. India
  5. Japan
  6. Australia
  7. Austria

You can find the main article which lists them as capitalist countries in the blog mentioned below (it points out the reasons).

Socialist Economy:

  1. China
  2. Denmark
  3. Finland
  4. Canada
  5. Sweden
  6. Ireland
  7. New Zealand
  8. Belgium
  9. Norway
  10. Netherlands
  11. Democratic Socialist Republic of Sri Lanka
  12. Cooperative Republic of Guyana
  13. Mozambique
  14. Tanzania
  15. Angola
  16. India
  17. North Korea

You're probably wondering why I mentioned China in both of them, it's because China is officially a socialist country but is gradually moving towards capitalism, same goes for India.

Mixed Economy:

  1. Iceland 
  2. France 
  3. Pakistan
  4. United Kingdom
  5. Russia 
  6. Hong Kong
  7. Norway 

Access hundreds of thousands of answers with a free trial.

Start Free Trial
Ask a Question