What is the Economy? Types Of Economic Systems


What is the Economy?

What is the Economic system? It’s the way our lives work and how we live. When people have enough money to buy goods, and people have time and energy to work, that’s when things get started. There are four ways to understand the Economy: traditional, developing, free-market, and mixed. The formal Economy is usually divided into two parts – traditional capitalism and traditional socialism. Modern Economy In Modern Society, most countries are primarily developed like us. But also, there are some countries like Australia or England where you can find many kinds of economic systems that we want to discuss. 

A mixed economy may be found in developed and less developed countries. We all know modern, ‘free-market’ or ‘developed’. So in this kind of Economy, people can still follow the rules of the traditional ones, but they can have more freedom and choices. And we can see different forms of these economies in various parts of life, so it will help to understand what this Economy means. Free market Economy In this type of Economy, people can freely choose anything they want to do. 

Make Up Some New Ideas:

Because of this, we can make up new ideas, which will not only change our minds but also change our environment. Because they always have the same choice, their choices are always limited. Modern Society We can find many examples of such a kind of Economy in real life, such as Amazon or Google. People can still start small businesses, even if they have no money. They can build an empire by themselves without relying on anyone. Even if finding someone to finance your business is complicated, it is possible to start one and maybe succeed. Free Markets vs Communism Some examples of an economic system and its differences are given below. 

Democratic Government:

A democratic government (like the one in Britain or the United States) can make fair decisions for everyone. This gives everyone hope and confidence to have a better future. However, the point is that democracy encourages people to think on their own and try out things without overthinking. Democracy can be replaced with communism, in which people are treated as enslaved people and controlled by leaders. As the name suggests, the government forces you to work while at the same time providing benefits for everyone. If we want to have all the rights and freedoms, then our Economy can be called a mixed economy.

Types of Economic Systems:

This page contains information about the four types of economic systems: Classical, Islamic, Latin American, and Western European. All of them belong to different continents. Also, it contains information about other countries that use those types of economic systems, for example, Japan, China, Brazil, Russia, USA.

Classical Chinese Economic System 1. Communist China 2. Confucian 3. Maoism 4. Deng Xiaoping 5. Heptarchy 6. Open-Economy 7. Private Property 8. Monopolies 9. Legal Contracts 10. State Aid 11. Basic Law 12. Market 13. The rule of law 14. Privatization 15. Capitalism 16. Totalitarian 17. Political Liberalism 18. Socialist 19. Capitalist 20. Nationalism 21. Postmodernism 22. Public Policy 23. Social Justice 24. Religion 25. Feminism 26. Intercultural 27. Politics 28. Industrial Revolution 29. Globalization 30. Universal Basic Income 31. International Affairs 32. Human Rights 33. Peaceful coexistence 34. Econometric Research 35. Business 36. Politics 38. Culture 39. Education 41. Sports 42. Media 43. Government 44. Foreign Relations 45. Labor 46. Energy 47. Science 49. Ethics 50. 

Environmental Protection 51. Ecology 52. History 53. Geography 55. Food 56. Transportation 57. Health 58. Water 59. Tourism 60. Labour 61. Poverty 62. Environment 64. Crime 65. Violence 66. Freedom 67. Terrorism 68. War 69. Death/Harm 70. Warfare 71. Nuclear warfare 82. Civil War 83. Wars on Terror 84. Security Threats 86. Gender Roles 87. Climate Change 88. Natural Disasters 89. Infrastructure 90. Economics 91. Taxation 92. Immigration 93. Diplomacy 94. Trade 95. International Cooperation 96. Global Economic Growth 97. Multilateralism 98. Competition 99. Transnationalism 101. Cybercrime 102. Deregulation 103. World Politics 104. Drug trafficking 105. Technology 106. Empiricism 107. Military Training 108. Technological Innovation 109. Ecological Factors 112. Ethnic Issues 114. Islam 115. Development 118. Comparisons 116. Cultural Studies 119. 

Leadership 113. Family 124. Children 125. Divorce 126. Conflict 129. Sexual Harassment 130. Racial Profiling 131. Domestic Violence 132. Police Brutality 133. Suicide/Attempt 132. Teenagers 136. Elderly 137. Obesity 140. Workplace violence 141. Abortion 140. Birth Control 140. Women’s Right 137. Adulthood 142. Marriage 134. Friendship 136. Love 137. Parenting 139. Parenthood 140. Grief 135. Cancer 137. Childcare 137. Abortion 139. Pregnancy 138. Sex Stigma 140. Drugs 136. Abortions 137. Homelessness 139. Racism 139. Physical disabilities 136. Criminality 139. Unemployment 136. Marijuana 146. Abortion 140. Mental Illnesses 147. Homicides 149. Transgender Life 140. Religious Beliefs 140. Bisexuality 150. Gay & Lesbian Issues 151. Pornography 154. 

HIV 156. Abortion 157. Abortion 160. Prostitution 164. Gun Violence 169. Caring 181. Anti-abortion 183. Motherhood 165. Self-Esteem 197. Narcissism 220. Moral Duty 242. Privacy 250. Personal Responsibility 239. Independence 252. Liberty 251. Fair Job 250. Individualism 256. Equal Opportunity 240. Consumer Choice 241. Existence 248. Equality 249. Living Conditions 248. Safety 247. Employment 254. Sustainability 251. Welfare 266. Healthcare 269. Citizenship 237. Democracy 270. Financial Stability 284. Sovereignty 258. Money 266. Education 268. Taxes 268. Health 268. Housing 268. Education 254. Power 267. Wealth 270. Identity 239. Relationship 260. Beauty 270. Romantic Relationship 257. Religion 259. Community 60. Religion 260. Schools 261. Laws 262. Punishment 248. Patriot Act 253. Federal Rules 251. Regulations 250. Freedom 250. Accessibility 241. Voting 250. Constitutional Amendments 253. Equal Pay 239. Presidential Elections 247. Constitution 243. Unconstitutional Acts 250. National Service 244. Judiciary 250. Ethical Standards

Western Europe Economic Systems:

The following European models of development include Germany, Austria, Italy, France, Portugal, Belgium, Hungary, Spain, Sweden, Netherlands, Finland, Norway, Switzerland, Denmark, Slovenia, Poland, and others. According to IMF, more than half of all the member states have made substantial progress in liberal democracies since 1990. That will probably be the case even in 2020. Many developing nations of Africa can expect a rapid progression of neoliberal policies (such as Zimbabwe, Nigeria, and Kenya) in the end to come. Here, in this case, they are expected to go through several stages of the long process known as “social justice”. 

Significant Political Stability and Prosperity:

Their main characteristics may vary due to the differences in socio-political cultures, national histories, and history of migration. Developed countries can enjoy significant political stability and prosperity. Most of them are considered successful in using the industrial sector to attract foreign investments, develop infrastructural facilities, provide employment, and make considerable contributions to national development. They are believed to have robust institutional frameworks, social programs, and quality healthcare and education programs. 

Unfortunately, other poorer countries have not been able to manage economic growth effectively with a high degree of poverty. These issues will be researched further in the next chapter of this essay. In general, the European Union and the EU Commission do not limit opportunities provided by their membership but provide considerable cost-cutting measures that affect people’s private and public lives.

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