Which ideological economic design is the most affective in a contemporary sense and why? ?

Question

- Capitalism

- Socialism

- Communism

Answer 1

Effective?  As in the most practical or the most efficient or the most productive?

For whom?  A single country or All of humanity?

Communism did not seem to work very well in the Soviet Union, but in China, the economic out has quadrupled in 2 decades and China has become a world power.  According to the CIA World Factbook:  "For much of the population, living standards have improved dramatically and the room for personal choice has expanded, yet political controls remain tight."  Communism with socialist market economy?

Sweden is officially a Kingdom, but it has a strange mixture of capitalism and extensive social welfare benefits (under the Social Democratic Party).  It has one of the highest standards of living in the world and one of the best records for higher education of its citizens.

Venezuela is definitely a socialistic economy, but "... current concerns include: a weakening of democratic institutions, political polarization, a politicized military, drug-related violence along the Colombian border, increasing internal drug consumption, overdependence on the petroleum industry with its price fluctuations, and irresponsible mining operations that are endangering the rain forest and indigenous peoples."

Capitalism seems to work well in the United States, with an economy "marked by steady growth, low unemployment and inflation, and rapid advances in technology."  Inflation is currently rising, however, and a war economy is putting the country into long term debt.  The state of the medical system is dropping rapidly with high tech diagnostics becoming too high priced for most of the common citizens and drugs becoming too common a medical solution.

Answer 2

Capitalism...

Because that's what we're using now!