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Economic system
*** Shopping-Tip: Economic system
{{dablink|"Economy" redirects here. For other meanings of that word, see
economy (disambiguation).}}
An '''economic system''' is a mechanism (
social institution) which deals with the
production,
distribution (business) distribution and
consumption of
Good (economics) goods and
services in a particular
society.
The economic system is composed of
person people,
institutions and their
relationships. It addresses the problems of
economics, like the allocation and scarcity of resources.
The division of economic systems
There are several basic questions that must be answered in order to resolve the problems of economics satisfactorily. For example, the scarcity problem requires answers to basic questions, such as: ''what'' to produce, ''how'' to produce it, and ''who'' gets what is produced. An economic system is a way of answering these basic questions. Different economic systems answer them differently.
Please note that there is often a strong correlation between certain
ideology 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.
The most basic and general economic systems are:
*
Market economy (the basis for several "right-wing" systems, such as
capitalism).
*
Mixed economy (arguably the "centrist" economic system).
*
Planned economy (the basis for several "left-wing" systems, such as
socialism).
*
Traditional economy (a generic term for the oldest and traditional economic systems)
*
Participatory economics (a recent proposal for a new economic system)
An economic system can be considered a part of the
social system and hierarchically equal to the
law system,
political system,
cultural system, etc.
More detailed lists of economic systems are given below.
List by left-wing and right-wing
Typically, "
left wing left-wing" economic systems involve a greater role for
society and/or the
government to determine what gets produced, how it gets produced, and who gets the produced
good (accounting) goods and
services, with the aim of ensuring
social justice and a more equitable distribution of
wealth (see
welfare state).
Meanwhile, "
right wing right-wing" economic systems give more power to certain private individuals (or
corporations) to make those decisions, rather than leaving them up to society as a whole, and often limit government involvement in the economy.
The primary concern of "left" economic systems is usually
egalitarianism, while the primary concern of "right" economic systems is usually
private property.
The following list divides the main economic systems into "left-wing" and "right-wing" and it attempts to structure the systems in a given section by alphabetical order and in a vertical hierarchy where possible.
"Left-wing" systems
*
Anarchism
*
Communism
**
Anarchist communism Anarcho-communism
*
Gift economy
*
Socialism
**
Libertarian socialism
**
Market socialism
**
State socialism
"Right-wing" systems
*
Capitalism
**
Anarcho-capitalism
**
Laissez-faire Laissez-faire capitalism
**
Corporate capitalism
*
Feudalism
"Centrist" systems
*
Mixed economy
**
American System (economics) American System
**
Dirigisme
**
Japanese post-war economic miracle Japanese System
**
Mercantilism
**
Social market economy also known as ''Soziale Marktwirtschaft''
List by name
An
etymologist's approach to economic systems, this list attempts to sort all possible economic systems in alphabetical order, without any division or hierarchization. If a given economic system has several names, a note beside the economic system provides the most common alternate names.
*
American System
*
Anarchism
*
Anarcho-capitalism
*
Anarcho-communism also known as 'libertarian communism''
*
Autarky
*
Barter economy
*
Buddhist Economy
*
Capitalism
*
Colonialism
*
Command economy also known as ''planned economy''
*
Communism
*
Coordinatorism
*
Corporate capitalism
*
Dirigisme
*
Feudalism
*
Gift economy
*
Green economy
*
Hydraulic despotism (see also
hydraulic empire)
*
Inclusive Democracy
*
Islamic economics and
Islamic banking
*
Japanese post-war economic miracle Japanese System
*
Libertarian communism also known as ''anarcho-communism''
*
Libertarian socialism
*
Market economy
*
Market socialism
*
Mercantilism
*
Mixed economy
*
Mutualism (economic theory) Mutualism
*
Neo-colonialism
*
Parecon also known as ''participatory economy''
*
Participatory economy also known as ''parecon''
*
Planned economy also known as ''command economy''
*
Jacque Fresco#Resource based economy Resource based economy
*
Self-management (as in
Economy of Yugoslavia)
*
Social market economy
*
Socialism
*
Socialist market economy
*
Subsistence economy
*
Traditional economy
*
Virtual economy
See also
*
History of economic thought
*
Political economy
Category:Economic theories
Category:Systems
et:Majandus
fr:Théorie économique
hu:Gazdasági rendszer
ru:Ðкономика (Ñ?фера человечеÑ?кой деÑ?тельноÑ?ти)
zh:�济体系
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