ABSTRACT
Contrary to the design and intent of the ism-ideologies, all economies are always mixed economies. Capitalism exhibits a slate of institutions which includes private property, the profit motive, free markets, classical competition, and a passive government. The Marxists see a succession of isms from feudalism to capitalism, from capitalism to socialism, and finally to communism. Fascism, for some, seems to offer flexibility in economic structure; it appears to offer something of a mixed economy. The economic process is concerned with the employment of warrantable knowledge in providing the real income requisites to civilized existence. The economic process is given effect in experience only through institutions. Institutions are the result of initiative behavior—of conscious, deliberate choice making on the part of people holding and using power to establish structure. Institutional adjustment means the displacement or replacement of existing codes, rules, or arrangements with new or revised stipulations which order behavior.
