SRUTHY S
ABSTRACT
Included in this article are economic systems and economic policies. 3 classification of economic system are Capitalist Economy, Socialist Economy and Mixed Economy. It describes the changing economic policies are liberalization, privatization and globalization.
The study begins by clarifying the foundational principles of various economic systems, exploring how they conceptualize private ownership, market forces, and government intervention. Capitalism, with its emphasis on free markets and individual enterprise, contrasts with socialism, where collective ownership and centralized planning play pivotal roles. Mixed economies, found in many nations today, combine elements of both systems in an attempt to strike a balance between individual freedom and societal welfare.
Liberalization, globalization, and privatization has significantly shaped the economic landscape worldwide. Liberalization involves reducing government restrictions on economic activities, fostering competition. Globalization, the interconnectedness of economies, transcends borders, fostering trade and cultural exchange. Privatization, the transfer of state-owned enterprises to private ownership, aims to enhance efficiency.
Key terms
Economic policies, capitalist economy, socialist economy, mixed economy, liberalization, globalization , privatization.
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