There are 9 main economic systems that have existed (or been proposed) on our planet.
Here they are:
Slavery
Feudalism
Capitalism
Chrematistics (this is just one word for all 3 above - Slavery, Feudalism, Capitalism).
Socialism (East Europe till the 1990s, Cuba, North Korea today, and China in the 70s)
Communism (never put in practice)
Democratic Socialism Scandianvian Style (wrong name). The correct name is DEMOCRATIC CAPITALISM because it is an economic system based on the private ownership of the means of production. In contrast, Socialism is when the means of production and power are in the hands of the wage workers. In Democratic Capitalism the government simply taxes people even more than in Capitalism in order to provide some money for healthcare and "free" education.
Moneyless Resource Based Economy (RBE) proposed by Jacque Fresco.
Nonprofit Resource Based Economy (NRBE) proposed by Dmitriy Bonch.
They are all based on our different value systems, as everything that we create in our life is based on our different understanding of the good and evil. This understanding differs from culture to culture, and from person to person. This is why we have different economic systems, religions, beliefs, laws, people's opinions in different countries on our planet.
For example, the headhunting practice was common among many primitive peoples who believed it was good to cut off someone's head, and they did not care about their victims. Muslims think that having more than 1 wife is good. Japanese samurai believed that ritual suicide was good. The slave owners thought owning slaves was good. The list of differences in human understanding of good and evil is huge. The economic and political systems are also based on different human value systems.
1. In Slavery, the slave owners thought that owning slaves was good because it brought a lot of profit.
2. In Feudalism, the Land Lords thought that having serfs was good because they brought a lot of profit.
3. In Capitalism, the money owners (capitalists), and their puppets (politicians and the government) think that owning the means of production and having wage workers under their control is good because it brings a lot of profit.
4. In Chrematistics (all 3 above), the power belongs to the oligarchs who own the mass media, and think it is great because the system brings them a lot of profit. The only difference between Slavery, Feudalism, and Capitalism is the level of exploitation of the worker, while all 3 are based on the private ownership of the means of production and their operation for profit.
5. In Socialism, the wage workers think that it is good that they themselves own the means of production and power in the country, that they are business owners themselves who earn the "profit" from the business. This leads to no income tax, free health care, free apartments for life inherited by children, free education, right to a job (no unemployment), because the "profit" from the business operation is shared among all workers in the form of all these free services.
6. In Communism there is no money in human society (luckily, it was just an idea that has never been put in practice).
7. In the (RBE) proposed by Jacque Fresco (Venus Project), the money is eliminated altogether and everyone gets everything for free. In a sense, it is similar to Communism, but without an ideological background.
8. In the Nonprofit Resource Based Economy (NRBE) proposed by Dmitriy Bonch, private and public production coexist. The public production becomes nonprofit. Private production (and international trade) stays the same (based on profit). It is money's role that is completely changed in the NRBE that eliminates the lack of money both for people and states, hence the fact leads to the total (not partial as it is now) prosperity of all people and countries - money is available for any project (free education/health care/housing, free natural resources (prices exist only to preserve them, not to make a profit on them), rebuilding schools, high ways, bridges, free travel to other planets, fighting infections like Covid-19, etc.).
The only good value system is when it is good for everyone, not just for some. Even if it is good for 5,000000 people and bad for 1, then such a system must not be implemented. In the current Chrematistics, there is not just 1 person who suffers. There are millions of poor wage workers, unemployed, homeless, people cannot afford health care and dentists, many cannot afford even a hair cut, millions of people are kicked out of their homes, not enough money for all people and the states.
Why is there no change for the better on our planet? Because our way of life is based on our value system. Slaves had existed for almost 1000 years, and no one cared. All the problems we face today will last because our value system has not changed much since then.
There are 2 additional economic systems:
Mixed Economy (Socialism + Capitalism) in China from the 1980s till today.
Venezuelian Socialism (the correct word - Democratic Capitalism Latin America's Style) in Venezuela, under Hugo Chavez and Nikolas Maduro.
In the Chinese Mixed economy, the power in the country belongs to the people, the government is the people's government, and there is only 1 Communist (Socialist) political party as before. But, private production (private business) is allowed.
In Venezuelian Socialism (which is Democratic Capitalism), unlike other Capitalist nations, the government takes care of the poor in the country by creating special social programs, and sharing the profit from the oil revenue with the poor. There are many political parties, and the means of production are private as in any other Capitalist country.