Different economic systems

Not all economic systems are the same. The economic system of the USA differs greatly from the system of the USSR. The american system is based on private enterprise with private ownership of the means of production, while the russian system is communistic and is base on the principles of karl marx, the 19th century political economist. The the economic ideologies of these two nations contrasr very strongly.

Britain is similar to the USA. It has an economic system based on private enterprise and private supplies of capital, which can be defined as surplusincome available for investment ini new business activities. Property in both the US and britain can be oened by individual citizens and these citizens exercise considerable economic freedom of choice. They can choose what they want to do and how they want to earn their live, but are not of cource entirely free to do as they wish. They must obey law. Otherwise, however, they can use their time, money and effort as they wish