The document is a presentation on types of economic systems, detailing traditional, command (socialist), market (capitalist), and mixed economies. It highlights the characteristics and implications of each system, such as government control in socialism, private ownership in capitalism, and the combination of both in mixed economies. Ultimately, it concludes that mixed economies, prevalent in many countries including India, address the shortcomings of pure capitalist and socialist systems.

1. PRESENTATION ON-
TYPES OF ECONOMIC SYSTEM
SUBMITTED TO:- DR. RAJNEESH KUMAR YADAV
(ASSOCIATE PROF., DSW)
SUBMITTED BY:- AVANISH KUMAR
MSW IVth SEM.(REGULAR)
DEPARTMENT OF SOCIAL WORK
UNIVERSITY OF LUCKNOW

2. Introduction
An economic system is a system of production and
distribution of goods and services as well as allocation of
resources in a society.
Any economic system has to answer the three main
Questions-
• What to produce?
• How to produce?
• For whom to produce?

3. Types of Economic System
Traditional Economy
Command Economy / Socialist Economy
Market Economy / Capitalist Economy
Mixed Economy

4. Socialist Economy
Socialist means the system under which economic
system is controlled and regulated by the government so
as to ensure welfare and equal opportunity to the people
in a society.
The idea of socialism is first introduced by Karl Marx and
Fredric Engles in their book, ‘The Communist Manifesto’.
The word socialism means ‘all things to all men’.
According to Samuelson, “Socialism refers to the
government ownership of the means of production,
planning by the government and income distribution”.

5. Main Features of Socialist Economy
Collective Ownership
Economic, Social and Political Equality
Economic Planning
No Competition
Positive Role of Government
Work and Wages According to Ability and Needs
Maximum Social Welfare

6. Capitalist Economy
Capitalism is the most prominent in our current global
economic system.
Its main characteristic is that it most means of
production and property are privately owned by
individuals and companies.
The government has a limited role in such an economy
So a capitalist economy is a liberal economy.
USA, UK, Germany, Japan, Singapore all are classic
examples of capitalist economies.

7. Main Features of Capitalist Economy
Right to Private Property
Price Mechanism
Profit Motive
Freedom of Enterprise
Free market
Minimum intervention by state
Exploitation of resources

8. Mixed Economy
Mixed economy is the golden combination of a
command economy and a market economy.
The means of production are held by both private
companies and public or State ownership.
And while market forces decide the price, demand,
supply etc there is some government oversight to
prevent monopolization and discrimination.
The idea behind a Mixed Economy is to tackle the
demerits of both a capitalist economy and a socialist
economy and come up with a unique system.

9. Main Features of Mixed Economy
Coexistence of All Sectors
Cooperative Sector
Freedom and Control
Economic Planning
Social Welfare
Price Mechanism and Controlled Price
Control of Monopoly Power

10. Conclusion
An economic system is a system of production, resource
allocation and distribution of goods and services within
a society or a given geographic area.
All economic systems have three basic questions to ask:
what to produce, how to produce and in what quantities
and who receives the output of production.
Today the dominant form of economic organization at the
world level is based on market-oriented mixed economies.
The concept of the Mixed economy has accepted by India.

11. Thank You...