Politics

Form of government in which one person or a small group possesses absolute power without effective constitutional limitations

Pros

Provide effective responses during emergency situations

Take the lead on innovation

Cons

Nation becomes isolated

Ruling by fear is a common action within

South Korea and Laos are examples

Everything is communally owned without economic classes

Pros

Lower unemployment rate

Avoid corporate monopolies

Cons

Currency issues

Difficult to gain wealth

China, Cuba and Laos are examples

Government by the people

Pros

Empowerment of people

Participation in elections

Cons

corruption issues

politicians lie to get votes

United States and Nigeria are examples

There is a Queen or a King controlling the state

Pros

Faster decision making process

Increases Government savings

Cons

Lack of diversity in Government

Unparalleled Power of the Monarch

Denmark and Saudi Arabia are examples

System headed by a dictator in which the government controls business and labor and opposition is not permitted

Pros

Improved welfare

Straightforward decision making process

Cons

Limited freedom of speech and human rights

Negative impact on economy

Hitler took part in fascism

a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government

Pros

Reduced poverty

More equal society

Cons

Higher tax reduces incentives to invest and work

Welfare state can create disincentives to work

Bangladesh and Guyana are examples

Country without government intervention or regulation

Pros

Absence of Red Tape

Freedom to innovate

Cons

Dangers of Profit Motive

Market failures

Hong Kong and New Zealand are examples

The combination of Free Market and Command economy

Pros

Freedom for Private Enterprise to Thrive On Their Own

Equal Distribution of Control

Cons

Limited Corporate Size

Excessive Intervention by the Government

United Kingdom and Sweden are examples

Production, investment, prices, and incomes are determined centrally by a government.

Pros

It boosts industrial power

It streamlines the society and government

Cons

It restricts freedom

It slows down innovative developments.

East Germany and North Korea are examples

The policy or practice of acquiring full or partial political control over another country

Pros

Improved Health and Care System

Restoration of Women’s Right

Cons

Caused Constant Wars and Conflict

Heavy Taxation Imposition

Dutch, German and French settlers were examples

Governments used their economies to augment state power at the expense of other countries.

Pros

It encourages trade deficits for foreign nations.

It naturally reduces unemployment rates.

Cons

There is always a risk of local raw materials and resources running out

It creates high levels of resentment.

France and Spain took part from 16th to the 18th century

Political and economic ideology based on strong support for a market economy based on individual lines and private property in the means of production.

Pros

Eliminates slavery

Stable economy

Cons

Market Inconsistency

Extensive social protection

Switzerland and Ireland were considered considered "free" in 2021