Written by Mixed economy system allows freedom of private ownership of property and means of production, but also allows for some form of government intervention.
Socialism is an economic and political system where the government owns the means of production, distribution and exchange.
It is a political ideology that advocates for the collective or government ownership of productive resources.
Socialism can also be defined as an economic arrangement in which there is social ownership and regulation of the means of production, wealth distribution, and exchange.
Instead of private ownership of productive resources, socialism emphasizes public and collective ownership and control of productive resources for the economic equality of society.
Socialism aims to promote equity and fairness among all members of society by allowing the government to control the production, distribution, and exchange of goods and services.
Capitalism is a political and economic system in which the means of production, distribution and exchange are owned, controlled and managed by private individuals.
It is an economic system characterized by private ownership of the means of production, distribution, and exchange.
In capitalism, there are free markets, and people are allowed to make economic decisions with the sole aim of making profits.
That is, people are free to can set up businesses using land, factories, and other productive resources and make a personal profit.
Capitalism means that productive resources are privately owned by individuals, and there is an absence of government interference.
It is important to note that capitalism is also called a free market economy, or free enterprise economy.
An absolute monarch exercises real political power because he has the power to make laws and implement laws.
On the other hand, a constitutional monarch exercises mainly ceremonial power. Real political power in a constitutional monarchy is exercised by the prime minister.
In conclusion, a monarchy is a form of government in which the sovereignty of the state is vested in the monarch, who may be a king, queen, emperor, or empress.
In a monarchy, the power to rule is usually passed down through hereditary succession.
Also, In a monarchy, the tenure of the monarch is not fixed; he may reign until his demise or abdication.
There are two types of monarchy: constitutional monarchy, in which the monarch’s powers are limited by the constitution, and absolute monarchy, in which the monarch’s powers are not limited by a constitution.
In most modern constitutional monarchies, the monarch serves mainly as a ceremonial figurehead, while in absolute monarchies, the monarch holds full political power.
The features of the monarchy include being ruled by a single individual, lack of fixed tenure, hereditary succession, and typically no separation of powers.
Monarchies are considered one of the oldest forms of government, dating back to ancient Egypt.
Advantages of monarchy may include stability and continuity in government and consistency in government policies.
Disadvantages of monarchy may include a lack of accountability, undemocratic and inflexibility.
In feudalism, the lords, who are the landowners give lands to the vassals, who are landless, in exchange for their service and loyalty.
The lands given by the Lords to the vassals for their services are known as fiefs.
Feudalism was mostly practised in Europe but may have now become extinct due to the emergence of democracy and monarchy.
Oligarchy is a form of government in which a small group of people, often those who are wealthy or influential, hold power and make decisions that benefit their own interests.
In other words, Oligarchy is a political system where only a few powerful people rule the state.
In an oligarchy, a small, elite group often controls the government and derives its power from social, economic, and military might.
Decision-making in oligarchic government is typically carried out by a small group, rather than by the whole population.
Oligarchies have been criticized for their lack of transparency and corrupt practices.
