What Are the Two General Kinds of Economic Systems That Exist Today?

The two general types of economic systems that exist today are command economy and market economy. Market economy is also called pure capitalism.

Pure capitalism refers to the economic system where the ownership is private. Individuals hold possession of the resources like mines and manufacturing plants. The trend of pure capitalism is decided by the consumers or the market. On the other hand, command economy refers to government ownership. The government holds possession of resources like natural resources and farms. The trend of command economy is decided by the government. Based on reality, another type of economy system proposed by economists is a mixed system, which comprises of both pure capitalism and command economy.