Answer :
While free-market economies have historically been identified with capitalism and democratic countries, command economies have historically been connected with socialist and communist countries.
An economic system based on private ownership of the means of production and their use for profit is known as capitalism. Capital accumulation, competitive markets, the pricing system, private property, the recognition of property rights, voluntary exchange, and wage labour are key aspects of capitalism. In a market economy, owners of wealth, property, or the capacity to move money or the ability to produce products or services control investments and decision-making, whilst pricing and the distribution of goods and services are mostly influenced by competition in the commodities and services markets. In their assessments of capitalism, economists, historians, political economists, and sociologists have embraced numerous viewpoints and identified many kinds of it in daily life. These include state capitalism, welfare capitalism, anarcho-capitalism, and laissez-faire or free-market capitalism. The degree to which there are free markets, public ownership, barriers to unrestricted competition, and state-approved social policies varies across different kinds of capitalism. Varied forms of capitalism have different levels of market competition, the importance of intervention and regulation, and the extent of state ownership. Politics and policy determine how free certain markets are as well as the laws regulating private property. The majority of currently operating capitalist economies are mixed economies, which incorporate aspects of free markets together with government intervention and occasionally economic planning.
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