What are the political systems around the world today? What Economic Theories drive them?

By Definition:

Economics is a social science that seeks to analyze and describe the production, distribution, and consumption of wealth. Courtesy of Britanica.com

A political system defines the process for making official government decisions. It is usually compared to the legal system, economic system, cultural system, and other social systems. Courtesy of Wikipedia

All of this encompasses the “isms” that organize and control mankind today–such as capitalism, communism, socialism, totalitarianism, authoritarianism, globalism, etc. It also defines the types of governmental organizations and how the people that live under this interact and control their lives. Various forms of government have evolved over the centuries since man has existed, starting with family groups and then tribes.

We will explain these and show the differences with each to give a better understanding of our current global socio-economics.