Mercantilism- This refers to an economic system in which one country controls the economic policies of another country/territory. The goal in this system is to make the stronger country (aka mother country) wealthy. This system involves a significant amount of government interference, as all the policies in the territory being controlled are made by the mother country.
Capitalism- This economic system revolves around the idea of little government interference in the economy. Instead, this system relies on competition between businesses as a means of regulating behavior. Ultimately this system is meant to make the consumer and producers happy.
Socialism- This economic system revolves around the government planning the economy. In a perfect socialist society, the government would control how many products a company would make, how many resources a family has, etc. The goal of this system is economic equality for all.
