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Economics essay 1 Two main economic systems have been developed since the Industrial Revolution, these are Capitalism and Socialism. Both systems have advantages and disadvantages, this essay will explain these, and also give my proposals for a mixed system for the whole society of the United Kingdom. Capitalism Capitalism generally started as an economic system in the United Kingdom at the time of the Industrial Revolution. The basic explanation of Capitalism would be to say that 'the economy is left to its own devices with no Government intervention'. A Capitalist economy is a market economy where all economic decision making is decentralised, and the Government will only supply national defence, administer justice and provide certain public works. The goods that are provided in a Capitalist economy are decided by individuals who choose how to use their labour and spend their income. All resources are privately owned and will only be used...

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