Economic system is the name given to the different ways in which economic decision making may be organized in a society. The different systems try to answer questions such as what goods and services to produce, how and how much of each good to produce, how to distribute the output among all those who have contributed to producing it, how to ensure that the standard of living of the population steadily improves, how to ensure that innovation will develop, and other questions and all that has to be done under the real-life conditions of scarcity, ignorance, and uncertainty. All these questions have a clear ethical dimension insofar as they affect the well-being of citizens, the satisfaction of their needs, their standard of living, and the ...

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