The Most Popular Economic System: An Objective Ranking of Global Preferences

Choose the economic system you think is the most popular!

Author: Gregor Krambs
Updated on Feb 25, 2024 06:02
Welcome to StrawPoll, the ultimate platform for sharing opinions and settling debates! We're excited to introduce our latest ranking - "What is the most popular economic system?" This is your chance to make your voice heard and vote for your favorite economic system, from capitalism to socialism, and everything in between! Delve into the fascinating world of economic theories and ideologies that have shaped the course of human history. As always, if you feel there's a missing option or an underdog that deserves a spot, we encourage you to suggest it and rally support. So, what are you waiting for? Join thousands of others in this enlightening discussion, cast your vote, and let's discover together which economic system reigns supreme!

What Is the Most Popular Economic System?

  1. 1
    23
    votes
    This economic system is the most popular economic system in the world, with a majority of countries adopting it. It is based on private ownership of the means of production, competitive markets, and profit motive.
    Capitalism is an economic system characterized by private ownership of means of production, where individuals and businesses operate for profit and compete in the marketplace. It is based on the principle of free-market exchange, where prices, production, and distribution of goods and services are determined by supply and demand. Capitalism fosters entrepreneurship, innovation, and individual initiative, allowing individuals to pursue economic activities according to their own interests and abilities.
    • Private Ownership: Individuals and businesses have the right to own and control resources, property, and means of production.
    • Profit Motive: The drive to earn profits and accumulate wealth is a central aspect of capitalism.
    • Free Market: Prices and allocation of resources are determined by supply and demand in a competitive marketplace.
    • Competition: Various entities compete for market share, leading to efficiency and innovation.
    • Limited Government Intervention: Capitalism promotes minimal government interference in the economy.
  2. 2
    28
    votes
    Socialism is an economic system that advocates for the collective ownership of the means of production, distribution, and exchange of goods and services. It emphasizes the need for equality and social justice.
    Socialism is an economic and political system where the means of production, distribution, and exchange are owned and regulated by the community as a whole. It aims to reduce economic inequalities and promote social welfare.
    • Public Ownership: Socialism advocates for public ownership of key industries, such as healthcare, education, and transportation.
    • Wealth Redistribution: Socialism emphasizes the redistribution of wealth to ensure a more equitable distribution of resources and opportunities.
    • Social Welfare: It emphasizes the provision of social safety nets, including healthcare, education, and social security, to ensure the well-being of all citizens.
    • Central Planning: Socialist system often involves central planning to coordinate economic activities and achieve collective goals.
    • Worker Control: It promotes worker self-management and democratic decision-making within the workplace.
  3. 3
    12
    votes
    A mixed economy is an economic system that combines elements of capitalism and socialism. It allows for private ownership and markets to operate, but also includes government intervention in certain areas such as healthcare, education, and social welfare.
    A mixed economy is an economic system that combines elements of both capitalism and socialism. In a mixed economy, the government and private sectors both play important roles in making economic decisions and allocating resources.
    • Profit Motive: Mixed economies allow for private ownership and entrepreneurship, allowing individuals and businesses to pursue profits and financial success.
    • Resource Allocation: In a mixed economy, the government allocates resources to address market failures and promote social welfare, while market forces also play a role in resource allocation.
    • Government Intervention: Mixed economies feature government intervention in certain areas, such as regulating industries, providing public goods, and redistributing income through taxation and welfare programs.
    • Private Property: Mixed economies recognize and protect private property rights, allowing individuals and businesses to own, use, and transfer assets.
    • Market Competition: Mixed economies encourage market competition to drive innovation, efficiency, and consumer choice, while also implementing regulations to prevent monopolies and promote fair competition.
    Mixed economy in other rankings
  4. 4
    18
    votes
    Communism is an economic system that advocates for the abolition of private ownership of the means of production and the establishment of a classless society. The government controls all aspects of the economy, and there is no private property.
  5. 5
    11
    votes

    Market economy

    Adam Smith
    A market economy is an economic system where the prices of goods and services are determined by supply and demand. It is based on the principle of laissez-faire, which means that markets should be left to operate freely without government intervention.
    A market economy is an economic system where decisions regarding production, investment, and distribution of goods and services are mainly driven by the interactions of buyers and sellers in a marketplace. In this system, the prices of goods and services are determined by the forces of supply and demand, with limited government intervention.
    • Private ownership: Individuals and businesses have the right to own and control property and resources.
    • Competition: Multiple buyers and sellers in the market compete with each other for resources and customers.
    • Profit motive: The pursuit of profit serves as a major incentive for individuals and firms to engage in economic activities.
    • Economic freedom: Individuals have the freedom to make choices regarding their own economic activities.
    • Price mechanism: Prices act as signals, guiding the allocation of resources and determining the value of goods and services.
  6. 6
    8
    votes

    Command economy

    Karl Marx
    A command economy is an economic system where the government controls all aspects of the economy. The government determines what goods and services are produced, how much they cost, and who gets them.
    A command economy is an economic system where the government has complete control over the production, distribution, and allocation of goods and services. The government, often under a centralized planning authority, makes all economic decisions and sets the prices of goods and services.
    • Centralized planning: All economic decisions are made by a central authority.
    • Government control: The government holds a monopoly over all resources and factors of production.
    • Price setting: The government determines the prices of goods and services.
    • Allocation of resources: The government decides how resources are allocated among different sectors and industries.
    • Limited individual freedom: Individuals have little to no control over their economic activities.
  7. 7
    9
    votes
    A traditional economy is an economic system where the production and distribution of goods and services are based on customs and traditions passed down from generation to generation. It is prevalent in rural areas and among indigenous communities.
    Traditional economy is an economic system that is based on customs, traditions, and cultural beliefs of a community or society. It is typically found in rural and remote areas where people rely on subsistence agriculture, hunting, gathering, and fishing for their survival. Economic activities and resource allocation in a traditional economy are determined by rituals, traditions, and communal decisions rather than by market forces or government interventions.
    • Economic Activities: Based on subsistence agriculture, hunting, gathering, and fishing
    • Resource Allocation: Determined by rituals, traditions, and communal decisions
    • Market Forces: Little or no influence of market forces
    • Government Interventions: Limited or no government interventions
    • Division of Labor: Primarily based on age, gender, and traditions
  8. 8
    7
    votes

    Free-market economy

    Adam Smith
    A free-market economy is an economic system where the prices of goods and services are determined by supply and demand. There is no government intervention, and the market operates freely.
    A free-market economy is an economic system in which the prices of goods and services are determined by supply and demand in an open market. The government does not intervene with regulations or restrictions, allowing producers and consumers to make voluntary transactions based on their own self-interests.
    • Price Determination by Market Forces: Prices are determined through supply and demand.
    • Private Property: Individuals can own and control property and resources.
    • Voluntary Exchange: Buyers and sellers are free to engage in transactions based on mutual consent.
    • Competition: Multiple producers and consumers competing in the market.
    • Profit Motive: Individuals and businesses aim to maximize profits.
  9. 9
    13
    votes
    A planned economy is an economic system where the government controls all aspects of the economy. The government plans the production and distribution of goods and services based on the needs of the society.
    A planned economy is an economic system in which production, distribution, and resource allocation are centrally planned and controlled by a central authority, typically the government. The main objective of a planned economy is to eliminate the uncertainties and inefficiencies associated with market economies by coordinating economic activities through a comprehensive plan.
    • Central planning: An authority, usually the government, coordinates and controls all economic activities.
    • State ownership: The government owns and controls major industries and resources.
    • Economic goals: The central authority determines the goals and targets of production, consumption, and investment.
    • Allocation of resources: Resources are allocated based on the central authority's plan, with little or no consideration for market demands or prices.
    • Pricing mechanism: Prices of goods and services are often set by the central authority, rather than being determined by market forces.
  10. 10
    4
    votes

    Resource-based economy

    Jacque Fresco
    A resource-based economy is an economic system where the production and distribution of goods and services are based on the available resources. It emphasizes the need for sustainability and resource conservation.
    A resource-based economy is an economic system that aims to distribute resources based on the principles of sustainability, efficiency, and equality. It advocates for the direct management and allocation of resources to meet the needs of all individuals rather than relying on monetary exchange. The goal is to use advanced technologies and scientific methods to ensure the optimal and sustainable utilization of resources in a way that promotes social well-being.
    • Sustainability: The resource-based economy focuses on the sustainable use of resources, ensuring their availability for current and future generations.
    • Efficiency: Efficiency is a core principle, aiming to optimize resource allocation and reduce waste by utilizing advanced technologies and scientific planning methods.
    • Direct resource management: Resources are managed and allocated directly, minimizing the reliance on monetary systems.
    • Scientific planning: Advanced scientific methods and technology are employed to plan and distribute resources effectively, based on data-driven analysis.
    • Social well-being: The primary focus of a resource-based economy is to ensure the well-being and satisfaction of all individuals in society.
    Resource-based economy in other rankings

Missing your favorite economic system?

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Ranking factors for popular economic system

  1. Economic growth
    Evaluate the rate at which the economic system promotes economic growth, innovation, and entrepreneurship. This includes gross domestic product growth, job creation, and wealth creation.
  2. Income distribution
    Assess the system's impact on income distribution and wealth inequality. A balanced distribution of income helps create a stable and cohesive society.
  3. Employment levels
    Consider the ability of the economic system to maintain low unemployment levels and provide job opportunities for citizens.
  4. Social mobility
    Evaluate the system's impact on social mobility, which refers to the ease with which individuals in a society can improve their economic status.
  5. Efficiency
    Assess the allocation of resources and the efficiency in production, distribution, and consumption of goods and services.
  6. Fiscal policy and government intervention
    Analyze the role of government in the economic system, including tax policies and government spending on public goods and services.
  7. Inflation and price stability
    Consider the economic system's impact on inflation levels and the stability of prices in the economy.
  8. Sustainability
    Evaluate the environmental impact and long-term sustainability of the economic system, including its effects on natural resources and ecological balance.
  9. Political and social stability
    Consider the impact of the economic system on political and social stability, including its effects on democracy, corruption, and citizen participation.
  10. Codependence with other economies
    Assess the economic system's reliance on other economies, which can influence its vulnerability to external shocks or global economic downturns.

About this ranking

This is a community-based ranking of the most popular economic system. We do our best to provide fair voting, but it is not intended to be exhaustive. So if you notice something or economy is missing, feel free to help improve the ranking!

Statistics

  • 947 views
  • 133 votes
  • 10 ranked items

Voting Rules

A participant may cast an up or down vote for each economy once every 24 hours. The rank of each economy is then calculated from the weighted sum of all up and down votes.

More information on most popular economic system

The discussion about the most popular economic system has been a hot topic for decades, as different countries and societies have their own preferences and beliefs regarding the best approach to managing their resources and money. There are several economic systems, including capitalism, socialism, communism, and mixed economies, each with its own set of advantages and disadvantages. Capitalism, for example, emphasizes the role of the market in allocating resources and promoting economic growth, while socialism prioritizes equality and collective ownership of resources. The most popular economic system varies from country to country, depending on cultural, social, and political factors. Understanding the differences between these systems and their impact on society is crucial for making informed decisions and shaping the future of economies worldwide.

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