Capitalism: Capitalism is an economic system characterized by private ownership of businesses and the pursuit of profit through competition in free markets.
Socialism: Socialism is an economic system where the means of production (such as factories) are owned or controlled by the community as a whole rather than by individuals or private companies.
Mercantilism: Mercantilism is an economic theory prevalent during the 16th to 18th centuries that advocated for national wealth accumulation through trade surpluses, protectionist measures, and colonization.