Short answers, pulled from the story.
A market economy is an economic system in which decisions about investment, production, and distribution of goods and services are guided by price signals created through supply and demand. When demand is high and supply is limited, prices rise, signaling producers to increase output; when supply exceeds demand, prices fall. Factor markets for labor, capital, and land play a major role in allocating resources.
In a market economy, price signals from supply and demand guide investment and production decisions, whereas in a centrally planned economy, an economy-wide plan is the principal allocation mechanism between firms. In a planned economy, a single organizational body owns and operates the means of production, replacing market-based allocation with centralized coordination.
The social market economy, sometimes called Rhine capitalism, was implemented by Alfred Müller-Armack and Ludwig Erhard after World War II in West Germany. It aims to combine the performance benefits of free markets with active state regulation to prevent market failure, destructive competition, and socially harmful outcomes. Its philosophical foundations are neoliberalism and ordoliberalism.
Market socialism is a form of market economy where the means of production are socially owned, and firms operate according to supply and demand to maximize profit. The principal difference from capitalism is that profits accrue to the workers of a company or to society as a whole rather than to private owners. Its roots trace to Adam Smith, the Ricardian socialists, and mutualist philosophers.
In his 1966 essay "Buddhist Economics," E. F. Schumacher argued that a market economy guided by Buddhist principles would more successfully meet the needs of its people than a conventional one, emphasizing the importance of occupations aligned with Buddhist teachings. The essay later became required reading in a course offered by Clair Brown at the University of California, Berkeley.
The Anglo-Saxon model of capitalism is the form predominant in Anglophone countries and typified by the economy of the United States. Its characteristics include low rates of taxation, open international markets, lower labor market protections, and a less generous welfare state that avoids the collective bargaining schemes found in continental and northern European models.