1. Free Market (Capitalist) Economic System: In a free market economic system, the allocation of resources and the production of goods and services are primarily determined by the forces of supply and demand. The government's role is limited to enforcing contracts, protecting property rights, and ensuring fair competition. Private individuals and businesses have the freedom to make their own economic decisions and pursue their own self-interests.

Examples: a) United States: The United States is often cited as an example of a free market capitalist system. The country has a relatively limited government intervention in the economy, with private ownership of businesses, minimal regulations, and a strong emphasis on individual freedom and entrepreneurship.

b) Hong Kong: Hong Kong is known for its free market economic system. It has low taxation, minimal government intervention, and a highly competitive business environment. The government's role is primarily focused on maintaining law and order and providing essential public services.

References:

• The Heritage Foundation's Index of Economic Freedom: https://www.heritage.org/index/
• "The Wealth of Nations" by Adam Smith

2. Centrally Planned/Command (Socialist) Economic System: In a centrally planned economic system, the government has significant control over the allocation of resources, production decisions, and distribution of goods and services. The government owns or controls major industries, sets production targets, and determines prices and wages.

Examples: a) Cuba: Cuba is often cited as an example of a centrally planned economic system. The government owns and controls most industries, sets production targets, and determines prices and wages. The state provides healthcare, education, and basic services to its citizens.

b) North Korea: North Korea has a highly centralized economic system where the government controls all major industries and economic activities. The state sets production targets, determines prices, and provides basic necessities to its citizens.

References:

• "Socialism: Utopian and Scientific" by Friedrich Engels
• "The Theory of Economic Development" by Joseph Schumpeter

3. Mixed Economic System: A mixed economic system combines elements of both free market capitalism and centrally planned socialism. This system allows for private ownership and entrepreneurship while also incorporating government intervention to address market failures, provide public goods, and promote social welfare.

Examples: a) Sweden: Sweden is often cited as an example of a mixed economic system. While it embraces free market principles and encourages entrepreneurship, the government also plays a significant role in providing healthcare, education, and social welfare programs. High taxes and extensive social benefits are characteristic of this system.

b) Germany: Germany is another example of a mixed economic system. It has a strong social market economy where the government regulates and supports industries, provides social security, and ensures worker protections. The country also emphasizes free trade and competition.

References:

• "The Mixed Economy: Welfare, Public Policy, and Entrepreneurship" by William J. Baumol
• "The Third Way: The Renewal of Social Democracy" by Anthony Giddens