Author(s): Christoph Tallgauer
Economic systems shape the way societies allocate resources, distribute wealth, and organize production. From capitalism to socialism, each economic system has distinct impacts on individuals, communities, and nations. This article explores the key features of various economic systems, focusing on the differences between capitalism and socialism, and how they affect society. By analyzing these systems' implications on wealth distribution, social welfare, economic growth, and individual freedoms, the article aims to offer a deeper understanding of how economic frameworks influence societal outcomes.