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Two main economic systems have been developed since the Industrial Revolution these are Capitalism and Socialism Both systems have advantages and disadvantages this essay will explain these and also give my proposals for a mixed system for the whole society of the United KingdomCapitalism generally started as an economic system in the United Kingdom at the time of the Industrial Revolution The basic explanation of Capitalism would be to say that the economy is left to its own devices with no Government interventionA Capitalist economy is a market economy where all economic decision making is decentralised and the Government will only supply national defence administer justice and provide certain public worksThe goods that are provided in a Capitalist economy are decided by individuals who choose how to use their labour and spend their income All resources are privately owned and will only be used for obtaining the highest profitThere are many advantages to a Capitalist economic system which could make it very appealing to societyThe system allows the powers of market forces to operate which in turn gives the consumer a wider range of goods and services Also because producers are always seeking the highest profit they must try to please the consumer and win their custom This leads to innovation and greater quality and varietyThe firms which produce the correct goods and services will win custom and make profit those which dont will go out of business and therefore release their resources to the successful firms This will lead to the expansion of the economy and greater prosperityIn summing up the advantages it is clear to see that the consumer has the power to dictate the goods in the economyAs discussed in the advantages of Capitalism the consumer has all the power in the economy However individuals purchasing power is drastically unequal because of the inequality of wealth within the economy This is due to the fact that some people will always be able
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