What is the relationship between types of guarantees a gover

Solution

We know that the economic system means that the structure of methods and principles that a society uses to produce and distribute goods and services. The various types of economic systems are socialism, social democracy, regulated capitalism and laissez-faire capitalism. In pure capitalism, the means of production are completely owned by private individuals. Here there is no role for the government. In the case of regulated capitalism, it maintains the capitalist economy and the individual freedom from the government. Here the government provides procedural guarantees, that means the rules are work smoothly and fairly. Also provides what the individuals needs and regulate the market for up and down. the government also guarantees the safety and freedom of public, consumers and the working people. Also encourages fair business practices.

So in this scenario, we found that the government has given certain guarantees to the society. So the relationship between government guarantee and types of economic system positive and relevant.