In this paper a view of world’s economic problems and currently revolving economic systems have been discussed. A review of all revolving economic systems is given so to find out the most impactful economic system that is free of societal evils. Firstly at a glimpse each economic system has been explained along with their social impacts, so to abstain from ambiguity in concepts. It is observed that economic system is highly sensitive to changes in the distribution of resources. Then basic societal evils including poverty, corruption, inequality, terrorism, unemployment and social injustice, reasons of their emergence, how to overcome them need of an impactful economic system and how to implement it have been discussed.