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An attempt has been made in this Fourth Edition of Economic Systems to analyze direct and indirect as also short-term and long-term implications of these domestic and international systematic (i.e.,structural) changes for India and Indian people. It is hoped that this revised and updated Fourth Edition of our Economic Systems will be found instructive and useful by the students world and teaching faculty in different universities in India. Content 1. What is an Economic System? Meaning, Functions and Classification 2. Different Types of Economic Systems and Their Broad Features 3. Incentives in Different Economic Systems 4. Efficiency of Economic System 5. Economic Systems and Basic Freedoms 6. Economic Systems and Social Justice 7. Economic Institutions as Means and Ends 8. Different Stages in the Evolution of Capitalism 9. Capitalism (With Special Reference to the United States of America) 10. Achievements and Failures of Capitalism 11. Transformation of Laissez − Faire Capitalism into Welfare State or Welfare Capitalism 12. Capitalism and Technological Progress 13. Society and its Historical Development 14. Evolution and Growth of Socialism (Utopian Socialism) 15. Marxian Socialism 16. Socialism(With Special Reference to the USSR) 17. Liberman`s Plan and History Proposals 18. Market Socialism and Question of Decentralisation 19. Mixed Economies and Their Problems 20. Economic Planning Meaning of Economic Planning and Its Characteristics 21. Broad Features of India`s Socialist Pattern Background of Indian Economic Thinking 22. Gandhian Economics 23. Land-Gift Movement (Bhoodan) and Sarvodaya 24. The Chinese Communist System 25. Indian and China (Comparative Study of Two Systems) 26. Multi-National Corporations (MNCs) 27. Role of the State 28. Convergence of Different Economic Systems 29. Some Important Developments
