Significant Economic Systems to Know for AP World History: Modern (copy)

Feudalism

A system where hierarchy, wealth, power and protection is established based on the ownership of land.

Manorialism

The economic system tied to feudalism, centered on self-sufficient agricultural estates or manors as the basic unit of production.

Mercantilism

An economic policy focused at increasing the national wealth through strict government control of trade.

Capitalism

An economic system where private individuals or corporations own the means of production and operate for profit.

Socialism

A system advocating public or collective ownership of the means of production to reduce economic inequality.

Communism

A system advocating for a classless society where all property and resources are communally owned.

Mixed Economies

Combines elements of capitalism and socialism, blending private enterprise with government intervention.

Command Economies

An economy where production and distribution of goods are entirely controlled by the government.

Free Market Economies

An economic system relying on market forces such as competition of privately owned businesses to determine production and prices.

Globalization

The increasing interconnection and interdependence of economies, cultures, and societies worldwide through trade, investment, and culture.