economic system and the role of factors of production in its operation

In theory, at least, there are three basic economic systems' socialism, communism, and capitalism. In modern reality, however the distinctions between these alternative systems have become blurred. It is safe to say that no pure system exists today. The U.S. capitalist economy exhibits certain socialist characteristics and the Soviet Union's and China's communist economies are being restructured to include a number of capitalist practices. To prepare for what lies ahead, each basic type of economic system requires a closer look.

Described by Karl Marx (1818 - 1883) as a forerunner of communism, socialism is an economic system in which the state owns the principal means of production but private property of some sort still exists. What distinguishes communism from socialism is the disappearance of private property in the later stage, communism.

Marx's view of the process from socialism to communism by means of the class struggle was neither universally accepted in his own time nor today. In fact, many saw non-revolutionary socialism as an end in itself. These so-called utopian socialists dreamed of ideal socie

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Approximate Word count = 1429
Approximate Pages = 6 (250 words per page double spaced)