These are the various methods used by new states, post-colonialism or independence, to manage their economies. They range from capitalism to socialism and everything in between.
Think of these economic systems as different types of diets for a person. Some people might prefer a vegetarian diet (akin to socialism), while others might go for a high-protein diet (similar to capitalism). The choice depends on what they believe will make them healthier or more prosperous.
Capitalism: An economic system where trade and industry are controlled by private owners for profit, rather than by the state.
Socialism: An economic system where production, distribution, and exchange should be owned or regulated by the community as a whole.
Mixed Economy: An economic system combining private and public enterprise. It's like having both vegetarian and meat dishes on your plate!
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