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Oftentimes, simpler is better.
So here are the 5 core economic structures of different countries, as explained by two cows:
On paper, communism can look like a viable path for a country. In reality, it doesn't always play out the way it was intended. Individual freedoms are often limited and the economy is solely in the hands of the government.
Countries that use forms of communism in today's world:
"Socialism is a political worldview that prioritizes the social/government ownership of the means of production rather than ownership by private individuals or corporations. It’s more geared towards public satisfaction rather than the accumulation of profit."
Even though America is primarily a capitalist society, we have aspects of socialism everywhere. From public transportation to government assistance, the idea is that private organizations don't own everything and prosperity is shared across the board.
But if it was as simple as that, I think it'd be much more accepted..
Some countries that use socialism in 2023:
"You have 2 cows. The State takes both and sells you some milk."
It's like communism/dictatorship, with a hint of capitalism.
In the cow example, instead of the government taking everything and giving some back, they take it and sell it back.
Countries that claim to use facism in 2023:
"You have 2 cows. The State takes both, shoots one, milks the other and then throws the milk away."
Bureaucratic governments are known to be inefficient. With a focus on policies & paperwork, there's usually little freedom for citizens, minimal advancement, and officials typically aren't elected by a whole country's vote.
To me, pure capitalism makes the most sense. If done without government involvement (which is nearly impossible), I feel like it reflects our earliest days of trade & barter. If you have something of value and someone wants it, buy it or trade for it. If you have enough of it and you've taken care of myself, you can give it away.
The issue is that it allows for unlimited amounts of greed.
As we've all seen, people will take that to the fullest extent..
(see: American Greed & the Sackler Family)
Some countries that use capitalism:
There's no "perfect" economic structure.
Because humans are involved, every time.
We're flawed pieces of flesh.
Your best bet?
Find personal happiness & independent wealth, whatever that looks like to you.
Don't rely on anyone for anything.