Types of economies

Before going into detail you should know clearly the types of economies. There are many types of economies. To understand their problem, goals, successes and failures, it is always helpful to distinguish clearly between the types. One kind of distinction that is often used is that between the capitalist and the socialist economies or between these two types and the type called mixed economy of which India would be a nice example. Another important distinction that is often made is between developed and developed economies.The United States of America and the United Kingdom are examples of capitalist economies. They are also examples of developed economies. The erstwhile Soviet Union and the China are both socialist economies. But while the Soviet Union is developed, china like India is still a developing economy.

I think this is enough for todays lesson. Tomorrow we shall discuss what is capitalist, socialist and mixed economy in detail. In the mean time have a nice break and join with me tomorrow. Another important thing I forgot to say, if you want me to change the genre of posts please do suggest me. I will change to the topic you wish. From this month I have planned to write about the economies around the world. My last posts about mutual funds would also be helpful. But since that is for professionals and as per the request of a reader I am posting from the basic. Whenever i get some interesting stuffs i will post that too.