I'm curious how everyone feels about the various economic systems out there today. And remember, these are not political systems, especially in reference to communistic and socialistic ideas. This is purely about the economics. I'll start with posting short descriptions of each system I think would be best to discuss, but feel free to add your own if your favored economic system is not listed. I will try to avoid any and all bias in this post, and will voice my own opinion later. Communist economics: The idea of the public ownership of the means of production, however goods are to made freely available to the public based on need, along with all wealth being evenly distributed throughout the population, along with property ownership. Examples: There are no real world examples outside small enclaves where this system has been truly followed. (Systems such as the Soviet Union saw the "party" accrue massive wealth at the detriment to the public) (Market) Socialist economics: The idea of the public ownership of the means of production, however goods are still sold as if in a regular market economy following the rules of supply and demand outside limited government subsidies, and workers of the public owned corporations receive standard wages. Examples: Socialist Yugoslavia, low-end integration into most western economics Social Democratic economics: The idea that economic stability is best achieved through various means of public policy such as taxes, regulations, welfare, and subsidies. While the government in this system is quite proactive in its role in the economy, it typically does not directly own corporations outside of public services such as public utilities or healthcare. Examples: Sweden, Denmark, and Norway Keynesian economics: The idea that the standard business cycle of boom and bust can see the busts mitigated through proactive public policy (such as banking regulations to reduce the amount of high-risk investments) and through the support of "spender" classes such as the middle class and working poor, generally with the belief that those groups, with the extra money, would spend more and re-invigorate the economy by re-establishing demand. Examples: FDR's New Deal and LBJ's New Society programs Supply-side/trickle-down economics: The idea that in order to grow the economy, most or all support should go to business owners. The belief being that with less regulation and taxes, the business owners will have more money on hand in to hire more workers or pay existing workers better, thus leading to more money in the economy and more growth. Examples: Early Reagan and George W Bush economic policies Lassiez-faire economics: The idea that the market is self-regulating and requires zero public regulation in order to fulfill the needs of the consumer, so that if one company has a poorer treatment of workers or lower quality goods, it is assumed that all support for that business will abandon it for other companies of more repute. Examples: Most industrial nations of the 1800s
