The political and economic philosophies are essential for the effective governance and development of any country. The three different political and economic philosophies are capitalism, socialism, communism.
Capitalism is the political and economic system in which the government does not control the economy. The countries whose economy and political system is based on capitalism are the United States of America, the United Kingdom, New Zealand, Norway, etc.
Socialism is also a political and economic philosophy in which the workers and laborers get protection from the government. This system is mainly based on social ownership. The countries whose economy and political system is based on socialism are India, Bangladesh, Nepal, etc.
Communism is also a political and economic system in which the government controls the whole economy. The country's ordinary citizens have significantly less scope to interfere in the critical events of the country. The countries whose economy and political system is based on communism are Vietnam, North Korea, Cuba, and China.
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