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ECONOMIC SYSTEM
1.OVERVIEW.
AN ECONOMIC SYSTEM
CAN BE DEFINED AS A
"SET OF METHODS AND
STANDARDS BY WHICH
A SOCIETY DECIDES AND
ORGANIZES THE
ALLOCATION OF
LIMITED ECONOMIC
RESOURCES TO SATISFY
UNLIMITED HUMAN
WANTS.
2. "COMPROMISE"
MIXED SYSTEMS
POINT: ECONOMIC SYSTEMS
THAT CONTAIN SUBSTANTIAL
STATE, PRIVATE AND SOMETIMES
COOPERATIVE OWNERSHIP AND
OPERATED IN MIXED ECONOMIES.
3.ECONOMIC SYSTEM
ECONOMIC SYSTEMS POINT:CAN
BE DIVIDED BY THE WAY THEY ALLOCATE
ECONOMIC INPUTS (THE MEANS OF
PRODUCTION) AND HOW THEY MAKE
DECISIONS REGARDING THE USE OF
INPUTS.
4. BASIC TYPES OF ECONOMIC
SYSTEMS
MARKET ECONOMY
MIXED ECONOMY
PLANNED ECONOMY
TRADITIONAL ECONOMY
PARTICIPATORY ECONOMICS
INCLUSIVE DEMOCRACY
GIFT ECONOMY
BARTER ECONOMY
5. Division of capitalist
systems
Capitalist economic systems
can be subdivided into two
categories: hands-on and
hands-off systems
6. Division of
socialist systems:
Socialist economic
systems can be
subdivided by their
coordinating
mechanism for
economic inputs
into planned
socialist and market
socialist systems.
7. "Hands-on" privateoriented systems:
A system in which large
privately owned entities
control or direct the
economy in their favor, or
in which private
shareholders own, and thus
reap the profits, of
enterprises that are
operated by the state or by
employee cooperatives.
8. "Hands-on" state-oriented systems:
Economic systems in which the state
directs or controls economic activity
through economic planning, with
economic institutions being primarily
publicly owned.
Economic systems in which the
economy is controlled privately in a
usually decentralized fashion and
operated based on market principles.
10. "Hands-off" stateoriented systems:
Economic systems in which
the state runs, owns and/or
manages its own resources
and enterprises in a freemarket economy with
minimal regulation and
without government
planning.
11. "Hands-off"
communal-oriented
systems:
12. Economic measures:
There are a number of
ways to measure economic
activity of a nation.
13. GDP
14. Part of a social system:
The GDP - Gross domestic product of a
country is a measure of the size of its
economy. The most conventional economic
analysis of a country relies heavily on
economic indicators like the GDP and GDP
per capita. While often useful, it should be
noted that GDP only includes economic
activity for which money is exchanged.
An economic system can be considered a part of
the social system and hierarchically equal to the
law system, political system, cultural, etc. There
is often a strong correlation between certain
ideologies, political systems and certain
economic systems (for example, consider the
meanings of the term "communism"). Many
economic systems overlap each other in various
areas (for example, the term "mixed economy"
can be argued to include elements from various
systems). There are also various mutually
exclusive hierarchical categorizations.
Economic systems in
which the economy is
controlled privately in a
usually decentralized
fashion and operated
based on market
principles.
9. "Hands-off" private-oriented
systems:
15.Evolutionary systems:
Karl Marx's theory of economic
development was based on the premise
of evolving economic systems;
specifically, over the course of history
superior economic systems would
replace inferior ones. Inferior systems
were beset by internal contradictions
and inefficiencies that make them
impossible to survive over the long
term. In Marx's scheme, feudalism was
replaced by capitalism, which would
eventually be superseded by
socialism.[5] Joseph Schumpeter had
an evolutionary conception of
economic development, but unlike
Marx, he de-emphasized the role of
class struggle in contributing to
qualitative change in the economic
mode of production. There has been
renewed interest in understanding
economic systems as evolutionary
systems in the emerging field of
Complexity economics.
20. Planned economy:
This article is about an
economic system controlled
or directed by the state. For
the proposed economic
system that employs
"participatory" or democratic
planning, see Participatory
economics.
16. Elements of an
Economic System:
1. Manufacturing
2. Regulation
3. Circulation
4. Distribution
17. Government and
politics
18. Incentive System:
A mechanism for inducing economic agents
to engage in productive activity; it can be
based on either material reward
(compensation) or moral reward (social
prestige).
19.
Market Systems