Which of the following is the dominant economic system in the world?

Question

Quizplus · Accepted Answer

Capitalism is currently the dominant economic system in the world, characterized by private ownership of resources and the means of production, and the allocation of goods and services through the free market. While other economic systems such as socialism and communism do exist in some countries, they are not as widespread as capitalism. Hybrid capitalism (a blend of capitalism and socialist policies) and regulated market (capitalism with limited government intervention) are also present in some countries, but are not as dominant as pure capitalism.

Which of the Following Is the Dominant Economic System in the World