economy - wikipedia

8/12/2019 Economy - Wikipedia

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Economy

An economyconsists of theeconomic systemsof a country or other area; thelabor,capital

andlandresources;and themanufacturing,production,trade,distribution,andconsumption

ofgoodsand services of that area.

A given economy is the result of a process that involves itstechnological evolution,history

andsocial organization,as well as itsgeography,natural resourceendowment, andecology,

as main factors. These factors give context, content, and set the conditions and parameters in

which an economy functions.

A market based economy may be described as a spatially limitedsocial networkwheregoods

andservicesare freely produced and exchanged according to demandandsupplybetween

participants (economic agents) bybarteror amedium of exchangewith acreditordebitvalue

accepted within the network. Capital and labor can move freely across places, industries and

firms in search of higher profits, dividens, interests, and compensations and benefits. Rent onland allocates this generally fixed resource among competing users.

ContemporaryCapitalismis amarket economyin which most of the production capacity is

owned and directed by the private sector. Government role is limited to provide for defense

and internal security; administer justice and prisons; make laws and regulations; enforce

contracts, laws and regulations; correct market imperfections and failures; ensure full

employment without inflation; promote balance economic growth and development; provide

for the poor, children, and elderly; protect and assist in emergencies and natural disasters;

provide basic opportunities to all members of society; prevent future calamities and disasters;

and, pursue national goals established by society at large such as protection of the

environment and natural resources.

On the other hand, traditionalsocialismis a command-based economy in which markets and

the free exchange of goods and services, as well as manufacturing, production, trade anddistribution are replaced or done by government central planning and state owned enterprises.

In this economy all private owners of capital (called capitalist) and of land (called

landowners) are not allowed or banned; and the only permitted private ownership is of

consumption goods. Capital and land are assigned by the state and movement of labor is

severely restricted. There are no profits, dividends, interest or rent. Labor compensation and

benefits are decided by central planners.

Finally, a mixed economy contains elements of both capitalism and socialism which means a

market based economy with a varied degree of government central planning and state owned

enterprises.
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Contents

1Range 2Etymology 3History

o 3.1Ancient timeso 3.2Middle ageso 3.3Early modern timeso 3.4The industrial revolutiono 3.5After World War II

4Economic phases of precedence 5Economic measures

o 5.1GDP 6Informal economy 7Largest economies by GDP in 2012 8Economies with the largest contribution to global economic growth from 1996 to 2011 9See also 10Notes 11References 12Further reading

Range

Today the range of fields of study examining the economy revolve around thesocial science

ofeconomics,but may includesociology(economic sociology),history(economic history),

anthropology(economic anthropology), andgeography(economic geography). Practicalfields directly related to the human activities involvingproduction,distribution,exchange,

andconsumptionofgoods and servicesas a whole, areengineering,management,business

administration,applied science,andfinance.

Allprofessions,occupations,economic agentsor economic activities, contribute to the

economy.Consumption,saving,andinvestmentare variable components in the economy that

determine macroeconomic equilibrium. There are three main sectors of economic activity:

primary,secondary,andtertiary.

Due to the growing importance of the financial sector in modern times,[1]the term real

economyis used by analysts[2][3]as well as politicians[4]to denote the part of the economy that

is concerned with actually producing goods and services,[5]as ostensibly contrasted with the

paper economy, or the financial side of the economy,[6]which is concerned with buying and

selling on the financial markets. Alternate and long-standing terminology distinguishes

measures of an economy expressed inrealvalues (adjusted forinflation), such asreal GDP,or

innominalvalues (unadjusted for inflation).[7]

Etymology

TheEnglishwords "economy" and "economics"can be traced back to theGreekwords

(i.e. "one who manages a household", a composite word derived from ("house") and ("manage; distribute")) and ("household management").
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The first recorded sense of the word "conomy" is in the phrase "the management ofconomic affairs", found in a work possibly composed in a monastery in 1440. "Economy" islater recorded in more general senses, including "thrift" and "administration".

The most frequently used current sense, denoting "the economic system of a country or an

area", seems not to have developed until the 19th or 20th century.[8]

History

Ancient times

See also:Palace economy

As long as someone has been making, supplying and distributing goods or services, there hasbeen some sort of economy; economies grew larger as societies grew and became more

complex.Sumerdeveloped a large scale economy based oncommodity money,while the

Babyloniansand their neighboringcity stateslater developed the earliest system ofeconomics

as we think of, in terms of rules/laws ondebt,legal contracts and law codes relating to

business practices, and private property.[9]

The Babylonians and their city state neighbors developed forms of economics comparable to

currently used civil society (law) concepts.[10]They developed the first known codified legal

and administrative systems, complete with courts, jails, and government records.

Several centuries after the invention of cuneiform, the use of writing expanded beyond

debt/payment certificates and inventory lists to be applied for the first time, about 2600 BC, to

messages and mail delivery, history, legend, mathematics, astronomical records and other

pursuits. Ways to divide private property, when it is contended... amounts of interest on debt...rules as to property and monetary compensation concerning property damage or physical

damage to a person... fines for 'wrong doing'... and compensation in money for various

infractions of formalized law were standardized for the first time in history.[9]

Greekdrachmof Aegina. Obverse: Landturtle/ Reverse: (INA) and dolphin. The oldest turtle coin

dates 700 BC

The ancient economy was mainly based onsubsistence farming.TheShekelreferred to an

ancient unit of weight and currency. The first usage of the term came fromMesopotamiacirca

3000 BC. and referred to a specific mass ofbarleywhich related other values in ametricsuch

as silver, bronze, copper etc. A barley/shekel was originally both a unit ofcurrencyand a unit

of weight... just as the British Pound was originally a unit denominating a one pound mass of

silver.
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For most people the exchange of goods occurred through social relationships. There were also

traders who bartered in the marketplaces. InAncient Greece,where the present English word

'economy' originated, many people werebond slavesof thefreeholders.Economic discussion

was driven byscarcity.

Middle ages

InMedievaltimes, what we now call economy was not far from the subsistence level. Most

exchange occurred withinsocial groups.On top of this, the great conquerors raisedventure

capital(from ventura, ital.; risk) to finance their captures. Thecapitalshould be refunded by

the goods they would bring up in theNew World.Merchants such asJakob Fugger(14591525) andGiovanni di Bicci de' Medici(13601428) founded the firstbanks.[citation needed]Thediscoveries ofMarco Polo(12541324),[dubiousdiscuss]Christopher Columbus(14511506) andVasco da Gama(14691524) led to a firstglobaleconomy. The firstenterpriseswere tradingestablishments. In 1513 the firststock exchangewas founded inAntwerpen.Economy at the

time meant primarilytrade.

Early modern times

The European captures became branches of theEuropeanstates, the so-calledcolonies.The

risingnation-statesSpain,Portugal,France,Great Britainand theNetherlandstried to control

the trade throughcustom dutiesandtaxesin order to protect their national economy. The so-

calledmercantilism(from mercator, lat.:merchant)was a first approach to intermediate

between private wealth andpublic interest.Thesecularizationin Europe allowed states to use

the immense property of the church for the development of towns. The influence of thenobles

decreased. The firstSecretaries of Statefor economy started their work.BankerslikeAmschel

Mayer Rothschild(17731855) started to finance national projects such as wars andinfrastructure.Economy from then on meant national economy as a topic for the economic

activities of thecitizensof a state.

The industrial revolution

The firsteconomistin the true meaning of the word was the ScotsmanAdam Smith(17231790). He defined the elements of anational economy:productsare offered at anatural price

generated by the use ofcompetition-supply and demand- and thedivision of labour.He

maintained that the basic motive forfree tradeis human self interest. The so-calledself

interest hypothesisbecame theanthropologicalbasis for economics.Thomas Malthus(1766

1834) transferred the idea of supply and demand to the problem ofoverpopulation.TheUnited States of Americabecame the place where millions ofexpatriatesfrom all European

countries were searching for freeeconomic evolvement.

TheIndustrial Revolutionwas a period from the 18th to the 19th century where major

changes inagriculture,manufacturing,mining,andtransporthad a profound effect on the

socioeconomic and cultural conditions starting in theUnited Kingdom,then subsequently

spreading throughoutEurope,North America,and eventually theworld.The onset of the

Industrial Revolution marked a major turning point in human history; almost every aspect of

daily life was eventually influenced in some way. In Europe wildcapitalismstarted to replace

the system ofmercantilism(today:protectionism)and led toeconomic growth.The period

today is calledindustrial revolutionbecause the system ofProduction,productionanddivisionof labourenabled themass productionofgoods.
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ayer_Rothschildhttp://en.wikipedia.org/wiki/Amschel_Mayer_Rothschildhttp://en.wikipedia.org/wiki/Amschel_Mayer_Rothschildhttp://en.wikipedia.org/wiki/Amschel_Mayer_Rothschildhttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Infrastructurehttp://en.wikipedia.org/wiki/Citizenshttp://en.wikipedia.org/wiki/Citizenshttp://en.wikipedia.org/wiki/Citizenshttp://en.wikipedia.org/wiki/Economisthttp://en.wikipedia.org/wiki/Economisthttp://en.wikipedia.org/wiki/Economisthttp://en.wikipedia.org/wiki/Adam_Smithhttp://en.wikipedia.org/wiki/Adam_Smithhttp://en.wikipedia.org/wiki/Adam_Smithhttp://en.wikipedia.org/wiki/National_economyhttp://en.wikipedia.org/wiki/National_economyhttp://en.wikipedia.org/wiki/National_economyhttp://en.wikipedia.org/wiki/Product_%28business%29http://en.wikipedia.org/wiki/Product_%28business%29http://en.wikipedia.org/wiki/Product_%28business%29http://en.wikipedia.org/wiki/Natural_pricehttp://en.wikipedia.org/wiki/Natural_pricehttp://en.wikipedia.org/wiki/Natural_pricehttp://en.wikipedia.org/wiki/Competitionhttp://en.wikipedia.org/wiki/Competitionhttp://en.wikipedia.org/wiki/Competitionhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Division_of_labourhttp://en.wikipedia.org/wiki/Division_of_labourhttp://en.wikipedia.org/wiki/Division_of_labourhttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/wiki/Free_tradehttp://en.wikipedia.org/w/index.php?title=Self_interest_hypothesis&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Self_interest_hypothesis&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Self_interest_hypothesis&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Self_interest_hypothesis&action=edit&redlink=1http://en.wikipedia.org/wiki/Anthropologicalhttp://en.wikipedia.org/wiki/Anthropologicalhttp://en.wikipedia.org/wiki/Anthropologicalhttp://en.wikipedia.org/wiki/Thomas_Malthushttp://en.wikipedia.org/wiki/Thomas_Malthushttp://en.wikipedia.org/wiki/Thomas_Malthushttp://en.wikipedia.org/wiki/Overpopulationhttp://en.wikipedia.org/wiki/Overpopulationhttp://en.wikipedia.org/wiki/Overpopulationhttp://en.wikipedia.org/wiki/United_States_of_Americahttp://en.wikipedia.org/wiki/United_States_of_Americahttp://en.wikipedia.org/wiki/Expatriateshttp://en.wikipedia.org/wiki/Expatriateshttp://en.wikipedia.org/wiki/Expatriateshttp://en.wikipedia.org/w/index.php?title=Economic_evolvement&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Economic_evolvement&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Economic_evolvement&action=edit&redlink=1http://en.wikipedia.org/wiki/Industrial_Revolutionhttp://en.wikipedia.org/wiki/Industrial_Revolutionhttp://en.wikipedia.org/wiki/Industrial_Revolutionhttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Agriculturehttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Manufacturinghttp://en.wikipedia.org/wiki/Mininghttp://en.wikipedia.org/wiki/Mininghttp://en.wikipedia.org/wiki/Mininghttp://en.wikipedia.org/wiki/Transporthttp://en.wikipedia.org/wiki/Transporthttp://en.wikipedia.org/wiki/Transporthttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/Europehttp://en.wikipedia.org/wiki/North_Americahttp://en.wikipedia.org/wiki/North_Americahttp://en.wikipedia.org/wiki/North_Americahttp://en.wikipedia.org/wiki/Worldhttp://en.wikipedia.org/wiki/Worldhttp://en.wikipedia.org/wiki/Worldhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Protectionismhttp://en.wikipedia.org/wiki/Protectionismhttp://en.wikipedia.org/wiki/Protectionismhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Industrial_revolutionhttp://en.wikipedia.org/wiki/Industrial_revolutionhttp://en.wikipedia.org/wiki/Industrial_revolutionhttp://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/w/index.php?title=Costs,_and_pricing&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Costs,_and_pricing&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Costs,_and_pricing&action=edit&redlink=1http://en.wikipedia.org/wiki/Division_of_labourhttp://en.wikipedia.org/wiki/Division_of_labourhttp://en.wikipedia.o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Other sectors of the developed community include :

thePublic Sectoror state sector (which usually includes: parliament, law-courts andgovernment centers, various emergency services, public health, shelters for empoverished

and threatened people, transport facilities, air/sea ports, post-natal care, hospitals, schools,

libraries, museums, preserved historical buildings, parks/gardens, nature-reserves, someuniversities, national sports grounds/stadiums, national arts/concert-halls or theaters and

centers for various religions).

thePrivate Sectoror privately-run businesses. theSocial sectororVoluntary sector.

Economic measures

There are a number of ways to measure economic activity of a nation. These methods of

measuring economic activity include:

Consumer spending Exchange Rate Gross domestic product GDP per capita GNP Stock Market Interest Rate National Debt Rate of Inflation Unemployment Balance of Trade

GDP

TheGDP- 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 andGDP per capita.While often useful, it should be noted that GDP only includes

economic activity for which money is exchanged.

Informal economy

Main article:Informal economy

An informal economy is economic activity that is neither taxed nor monitored by a

government, contrasted with a formal economy. The informal economy is thus not included in

that government'sGross National Product(GNP). Although the informal economy is often

associated withdeveloping countries,all economic systems contain an informal economy in

some proportion.

Informal economic activity is a dynamic process which includes many aspects of economic

and social theory including exchange, regulation, and enforcement. By its nature, it is

necessarily difficult to observe, study, define, and measure. No single source readily or

authoritatively defines informal economy as a unit of study.
http://en.wikipedia.org/wiki/Public_Sectorhttp://en.wikipedia.org/wiki/Public_Sectorhttp://en.wikipedia.org/wiki/Public_Sectorhttp://en.wikipedia.org/wiki/Private_Sectorhttp://en.wikipedia.org/wiki/Private_Sectorhttp://en.wikipedia.org/wiki/Private_Sectorhttp://en.wikipedia.org/wiki/Social_sectorhttp://en.wikipedia.org/wiki/Social_sectorhttp://en.wikipedia.org/wiki/Social_sectorhttp://en.wikipedia.org/wiki/Voluntary_sectorhttp://en.wikipedia.org/wiki/Voluntary_sectorhttp://en.wikipedia.org/wiki/Voluntary_sectorhttp://en.wikipedia.org/wiki/Consumer_spendinghttp://en.wikipedia.org/wiki/Consumer_spendinghttp://en.wikipedia.org/wiki/Exchange_Ratehttp://en.wikipedia.org/wiki/Exchange_Ratehttp://en.wikipedia.org/wiki/Gross_domestic_producthttp://en.wikipedia.org/wiki/Gross_domestic_producthttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/GNPhttp://en.wikipedia.org/wiki/GNPhttp://en.wikipedia.org/wiki/Stock_Markethttp://en.wikipedia.org/wiki/Stock_Markethttp://en.wikipedia.org/wiki/Interest_Ratehttp://en.wikipedia.org/wiki/Interest_Ratehttp://en.wikipedia.org/wiki/National_Debthttp://en.wikipedia.org/wiki/National_Debthttp://en.wikipedia.org/wiki/Inflationhttp://en.wikipedia.org/wiki/Inflationhttp://en.wikipedia.org/wiki/Unemploymenthttp://en.wikipedia.org/wiki/Unemploymenthttp://en.wikipedia.org/wiki/Balance_of_Tradehttp://en.wikipedia.org/wiki/Balance_of_Tradehttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/Informal_economyhttp://en.wikipedia.org/wiki/Informal_economyhttp://en.wikipedia.org/wiki/Informal_economyhttp://en.wikipedia.org/wiki/Gross_National_Producthttp://en.wikipedia.org/wiki/Gross_National_Producthttp://en.wikipedia.org/wiki/Gross_National_Producthttp://en.wikipedia.org/wiki/Developing_countrieshttp://en.wikipedia.org/wiki/Developing_countrieshttp://en.wikipedia.org/wiki/Developing_countrieshttp://en.wikipedia.org/wiki/Developing_countrieshttp://en.wikipedia.org/wiki/Gross_National_Producthttp://en.wikipedia.org/wiki/Informal_economyhttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/GDPhttp://en.wikipedia.org/wiki/Balance_of_Tradehttp://en.wikipedia.org/wiki/Unemploymenthttp://en.wikipedia.org/wiki/Inflationhttp://en.wikipedia.org/wiki/National_Debthttp://en.wikipedia.org/wiki/Interest_Ratehttp://en.wikipedia.org/wiki/Stock_Markethttp://en.wikipedia.org/wiki/GNPhttp://en.wikipedia.org/wiki/GDP_per_capitahttp://en.wikipedia.org/wiki/Gross_domestic_producthttp://en.wikipedia.org/wiki/Exchange_Ratehttp://en.wikipedia.org/wiki/Consumer_spendinghttp://en.wikipedia.org/wiki/Voluntary_sectorhttp://en.wikipedia.org/wiki/Social_sectorhttp://en.wikipedia.org/wiki/Private_Sectorhttp://en.wikipedia.org/wiki/Public_Sector


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The terms "under the table" and "off the books" typically refer to this type of economy. The

termblack marketrefers to a specific subset of the informal economy. The term "informal

sector" was used in many earlier studies, and has been mostly replaced in more recent studies

which use the newer term.

Micro economics are focused on an individual person in a given economic society and Macroeconomics is looking at an economy as a whole. (town, city, region)

Capitalism Econometrics Economic history(includes list by country) Economic system Economic equilibrium Ecological economics History of money Non-market economics Macroeconomics Microeconomics Supply and demand Thermoeconomics World Economy

Economic system

An economic systemis the combination of the various agencies, entities (or even sectors as

described by some authors) that provide the economic structure that defines the social

community. These agencies are joined by lines of trade and exchange along which goods,

money etc. are continuously flowing. An example of such a system for a closed economy isshown in the flow-diagram. The economics system involvesproduction,allocation of

economic inputs,distributionof economic outputs, landlords and land availability, households

(earnings and expenditureconsumptionofgoodsandservicesin aneconomy), capitalists,

banks (finance institutions) and government. It is a set ofinstitutionsand their varioussocial

relations.

Alternatively, it is the set of principles by which problems ofeconomicsare addressed, such

as theeconomic problemofscarcitythrough allocation of finite productive resources.[1]An

economic system is composed ofpeople,institutions,rules, and relationships. For example,

theconventionofproperty,the institution of government, or the employee-employer

relationship. Examples of contemporary economic systems includecapitalist systems,
http://en.wikipedia.org/wiki/Black_markethttp://en.wikipedia.org/wiki/Black_markethttp://en.wikipedia.org/wiki/Black_markethttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Econometricshttp://en.wikipedia.org/wiki/Econometricshttp://en.wikipedia.org/wiki/Economic_historyhttp://en.wikipedia.org/wiki/Economic_historyhttp://en.wikipedia.org/wiki/Economic_systemhttp://en.wikipedia.org/wiki/Economic_systemhttp://en.wikipedia.org/wiki/Economic_equilibriumhttp://en.wikipedia.org/wiki/Economic_equilibriumhttp://en.wikipedia.org/wiki/Ecological_economicshttp://en.wikipedia.org/wiki/Ecological_economicshttp://en.wikipedia.org/wiki/History_of_moneyhttp://en.wikipedia.org/wiki/History_of_moneyhttp://en.wikipedia.org/wiki/Non-market_economicshttp://en.wikipedia.org/wiki/Non-market_economicshttp://en.wikipedia.org/wiki/Macroeconomicshttp://en.wikipedia.org/wiki/Macroeconomicshttp://en.wikipedia.org/wiki/Microeconomicshttp://en.wikipedia.org/wiki/Microeconomicshttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Thermoeconomicshttp://en.wikipedia.org/wiki/Thermoeconomicshttp://en.wikipedia.org/wiki/World_Economyhttp://en.wikipedia.org/wiki/World_Economyhttp://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/Distribution_%28economics%29http://en.wikipedia.org/wiki/Distribution_%28economics%29http://en.wikipedia.org/wiki/Distribution_%28economics%29http://en.wikipedia.org/wiki/Consumption_%28economics%29http://en.wikipedia.org/wiki/Consumption_%28economics%29http://en.wikipedia.org/wiki/Consumption_%28economics%29http://en.wikipedia.org/wiki/Good_%28economics%29http://en.wikipedia.org/wiki/Good_%28economics%29http://en.wikipedia.org/wiki/Good_%28economics%29http://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Economic_problemhttp://en.wikipedia.org/wiki/Economic_problemhttp://en.wikipedia.org/wiki/Economic_problemhttp://en.wikipedia.org/wiki/Scarcityhttp://en.wikipedia.org/wiki/Scarcityhttp://en.wikipedia.org/wiki/Scarcityhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-0http://en.wikipedia.org/wiki/Economic_systems#cite_note-0http://en.wikipedia.org/wiki/Economic_systems#cite_note-0http://en.wikipedia.org/wiki/Personhttp://en.wikipedia.org/wiki/Personhttp://en.wikipedia.org/wiki/Personhttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Convention_%28norm%29http://en.wikipedia.org/wiki/Convention_%28norm%29http://en.wikipedia.org/wiki/Convention_%28norm%29http://en.wikipedia.org/wiki/Propertyhttp://en.wikipedia.org/wiki/Propertyhttp://en.wikipedia.org/wiki/Propertyhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Propertyhttp://en.wikipedia.org/wiki/Convention_%28norm%29http://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Personhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-0http://en.wikipedia.org/wiki/Scarcityhttp://en.wikipedia.org/wiki/Economic_problemhttp://en.wikipedia.org/wiki/Economicshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Social_relationshttp://en.wikipedia.org/wiki/Institutionshttp://en.wikipedia.org/wiki/Economyhttp://en.wikipedia.org/wiki/Service_%28economics%29http://en.wikipedia.org/wiki/Good_%28economics%29http://en.wikipedia.org/wiki/Consumption_%28economics%29http://en.wikipedia.org/wiki/Distribution_%28economics%29http://en.wikipedia.org/wiki/Production_%28economics%29http://en.wikipedia.org/wiki/World_Economyhttp://en.wikipedia.org/wiki/Thermoeconomicshttp://en.wikipedia.org/wiki/Supply_and_demandhttp://en.wikipedia.org/wiki/Microeconomicshttp://en.wikipedia.org/wiki/Macroeconomicshttp://en.wikipedia.org/wiki/Non-market_economicshttp://en.wikipedia.org/wiki/History_of_moneyhttp://en.wikipedia.org/wiki/Ecological_economicshttp://en.wikipedia.org/wiki/Economic_equilibriumhttp://en.wikipedia.org/wiki/Economic_systemhttp://en.wikipedia.org/wiki/Economic_historyhttp://en.wikipedia.org/wiki/Econometricshttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Black_market


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socialist systems,andmixed economies.Today the world largely operates under a global

economic system based on thecapitalist mode of production.

"Economic systems" is theeconomics categorythat includes the study of such systems.

Decision-making structures

The decision-making structures of an economy determine the use of economic inputs (the

means of production), distribution of output, the level of centralization in decision-making,

and who makes these decisions. Decisions might be carried out byindustrial councils,by a

government agency, or by private owners. Some aspects of these structures include:

Coordination mechanism: How information is obtained and used to coordinate economicactivity. The two dominant forms of coordination includeplanningand themarket;planning

can be either centralized or de-centralized, and the two mechanisms are not mutually

exclusive.

Productive property rights: This refers to ownership (rights to the proceeds of outputgenerated) and control over the use of themeans of production.They may be owned

privately,bythe state,by those who use it,orheld in common by society.

Incentive system: A mechanism for inducing certain economic agents to engage in productiveactivity; it can be based on either material reward (compensation) or moral reward (social

prestige).[2]

Types

Marxist-LeninistCommunist states(red) and formerly Communist-run (orange) countries of the

world.

There are several basic questions that must be answered in order for an economy to run

satisfactorily. Thescarcity problem,for example, requires answers to basic questions, such as:

whatto produce, howto produce it, and whogets what is produced. An economic system is a

way of answering these basic questions, and different economic systems answer them

differently. Many different objectives may be seen as desirable for an economy, like

efficiency,growth,liberty,andequality.[3]

Economic systems can be divided by the way they allocate economic inputs (themeans of

production)and how they make decisions regarding the use of inputs. A common distinction

of great importance is that betweencapitalism(amarket economy)andsocialism(economicplanning).
http://en.wikipedia.org/wiki/Socialist_economyhttp://en.wikipedia.org/wiki/Socialist_economyhttp://en.wikipedia.org/wiki/Mixed_economieshttp://en.wikipedia.org/wiki/Mixed_economieshttp://en.wikipedia.org/wiki/Mixed_economieshttp://en.wikipedia.org/wiki/Capitalist_mode_of_productionhttp://en.wikipedia.org/wiki/Capitalist_mode_of_productionhttp://en.wikipedia.org/wiki/Capitalist_mode_of_productionhttp://en.wikipedia.org/wiki/JEL_classification_codes#Economic_systems_JEL:_P_Subcategorieshttp://en.wikipedia.org/wiki/JEL_classification_codes#Economic_systems_JEL:_P_Subcategorieshttp://en.wikipedia.org/wiki/JEL_classification_codes#Economic_systems_JEL:_P_Subcategorieshttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Industrial_democracyhttp://en.wikipedia.org/wiki/Industrial_democracyhttp://en.wikipedia.org/wiki/Industrial_democracyhttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Private_propertyhttp://en.wikipedia.org/wiki/Private_propertyhttp://en.wikipedia.org/wiki/State_enterprisehttp://en.wikipedia.org/wiki/State_enterprisehttp://en.wikipedia.org/wiki/State_enterprisehttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Socialist_statehttp://en.wikipedia.org/wiki/Socialist_statehttp://en.wikipedia.org/wiki/Socialist_statehttp://en.wikipedia.org/wiki/Scarcity_problemhttp://en.wikipedia.org/wiki/Scarcity_problemhttp://en.wikipedia.org/wiki/Scarcity_problemhttp://en.wikipedia.org/wiki/Economic_efficiencyhttp://en.wikipedia.org/wiki/Economic_efficiencyhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Libertyhttp://en.wikipedia.org/wiki/Libertyhttp://en.wikipedia.org/wiki/Libertyhttp://en.wikipedia.org/wiki/Equality_of_outcomehttp://en.wikipedia.org/wiki/Equality_of_outcomehttp://en.wikipedia.org/wiki/Economic_systems#cite_note-2http://en.wikipedia.org/wiki/Economic_systems#cite_note-2http://en.wikipedia.org/wiki/Economic_systems#cite_note-2http://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/File:Communism.PNGhttp://en.wikipedia.org/wiki/File:Communism.PNGhttp://en.wikipedia.org/wiki/File:Communism.PNGhttp://en.wikipedia.org/wiki/File:Communism.PNGhttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-2http://en.wikipedia.org/wiki/Equality_of_outcomehttp://en.wikipedia.org/wiki/Libertyhttp://en.wikipedia.org/wiki/Economic_growthhttp://en.wikipedia.org/wiki/Economic_efficiencyhttp://en.wikipedia.org/wiki/Scarcity_problemhttp://en.wikipedia.org/wiki/Socialist_statehttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/State_enterprisehttp://en.wikipedia.org/wiki/Private_propertyhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Industrial_democracyhttp://en.wikipedia.org/wiki/Means_of_productionhttp://en.wikipedia.org/wiki/JEL_classification_codes#Economic_systems_JEL:_P_Subcategorieshttp://en.wikipedia.org/wiki/Capitalist_mode_of_productionhttp://en.wikipedia.org/wiki/Mixed_economieshttp://en.wikipedia.org/wiki/Socialist_economy


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In a capitalist economic system, production is carried out to maximize private profit, decisions

regarding investment and the use of the means of production are determined by competing

business owners in the marketplace; production takes place within the process ofcapital

accumulation.The means of production are owned primarily by private enterprises and

decisions regarding production and investment determined by private owners incapital

markets.Capitalist systems range from laissez-faire, with minimal government regulation andstate enterprise, to regulated and social market systems, with the stated aim of ensuringsocial

justiceand a more equitable distribution ofwealth(seewelfare state)or ameliorating market

failures (seeeconomic intervention).

In a socialist economic system, production is carried out to directly satisfy economic demand

byproducing goods and services for use;decisions regarding the use of the means of

production are adjusted to satisfy economic demand, investment (control over the surplus

value) is carried out through a mechanism of inclusive collective decision-making. The means

of production are eitherpublicly owned,or are owned by theworkers cooperatively.A

socialist economic system that is based on the process of capital accumulation, but seeks to

control or direct that process through state ownership or cooperative control to ensurestability, equality or expand decision-making power, aremarket socialist systems.

The basic and general economic systems are:

Market economy("hands off" systems, such asLaissez-fairecapitalism) Mixed economy(a hybrid that blends some aspects of both market and planned economies) Planned economy("hands on" systems, such asstate socialism) Traditional economy(a generic term for older economic systems) Command (Centrally Planned or Socialist) Economic Systems:(a generic term for older

economic systems)

Participatory economics(a system where the production and distribution of goods is guidedbypublic participation)

Gift economy(where an exchange is made without any explicit agreement for immediate orfuture rewards)

Barter economy(where goods and services are directly exchanged for other goods orservices)

Types of socialist systems

Economic systems can be subdivided by their coordinating mechanism (planning and

markets) intoplanned socialistmarket socialistsystems. Additionally, socialism can be

divided based on the ownership of the means of production into those that are based onpublic

ownership,worker or consumercooperativesandcommon ownership(i.e., non-ownership).

Communismis a hypothetical stage of Socialist development articulated by Marx as "second

stage Socialism" inCritique of the Gotha Program,whereby economic output is distributed

based on need and not simply on the basis of labor contribution.

The primary concern for socialist planned economies is to coordinate production to directly

satisfy human needs/economic demand (as opposed to generate profit and satisfy needs as a

byproduct of pursuing profit), to advance the productive forces of the economy while being

immune to the systemic inefficiencies (cyclical processes)and crisis ofoverproductionthat

plagues capitalism so that production would be subject to the needs of society as opposed tobeing ordered around capital accumulation.[4][5]
http://en.wikipedia.org/wiki/Capital_accumulationhttp://en.wikipedia.org/wiki/Capital_accumulationhttp://en.wikipedia.org/wiki/Capital_accumulationhttp://en.wikipedia.org/wiki/Capital_accumulationhttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Wealthhttp://en.wikipedia.org/wiki/Wealthhttp://en.wikipedia.org/wiki/Wealthhttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Economic_interventionhttp://en.wikipedia.org/wiki/Economic_interventionhttp://en.wikipedia.org/wiki/Economic_interventionhttp://en.wikipedia.org/wiki/Production_for_usehttp://en.wikipedia.org/wiki/Production_for_usehttp://en.wikipedia.org/wiki/Production_for_usehttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Market_Socialismhttp://en.wikipedia.org/wiki/Market_Socialismhttp://en.wikipedia.org/wiki/Market_Socialismhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Laissez-fairehttp://en.wikipedia.org/wiki/Laissez-fairehttp://en.wikipedia.org/wiki/Laissez-fairehttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/Traditional_economyhttp://en.wikipedia.org/wiki/Traditional_economyhttp://en.wikipedia.org/w/index.php?title=Command_%28Centrally_Planned_or_Socialist%29_Economic_Systems:&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Command_%28Centrally_Planned_or_Socialist%29_Economic_Systems:&action=edit&redlink=1http://en.wikipedia.org/wiki/Participatory_economicshttp://en.wikipedia.org/wiki/Participatory_economicshttp://en.wikipedia.org/wiki/Participation_%28decision_making%29http://en.wikipedia.org/wiki/Participation_%28decision_making%29http://en.wikipedia.org/wiki/Participation_%28decision_making%29http://en.wikipedia.org/wiki/Gift_economyhttp://en.wikipedia.org/wiki/Gift_economyhttp://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Market_socialisthttp://en.wikipedia.org/wiki/Market_socialisthttp://en.wikipedia.org/wiki/Market_socialisthttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Cooperativehttp://en.wikipedia.org/wiki/Cooperativehttp://en.wikipedia.org/wiki/Cooperativehttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Pure_communismhttp://en.wikipedia.org/wiki/Pure_communismhttp://en.wikipedia.org/wiki/Critique_of_the_Gotha_Programhttp://en.wikipedia.org/wiki/Critique_of_the_Gotha_Programhttp://en.wikipedia.org/wiki/Critique_of_the_Gotha_Programhttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Overproductionhttp://en.wikipedia.org/wiki/Overproductionhttp://en.wikipedia.org/wiki/Overproductionhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-3http://en.wikipedia.org/wiki/Economic_systems#cite_note-3http://en.wikipedia.org/wiki/Economic_systems#cite_note-3http://en.wikipedia.org/wiki/Economic_systems#cite_note-3http://en.wikipedia.org/wiki/Economic_systems#cite_note-3http://en.wikipedia.org/wiki/Overproductionhttp://en.wikipedia.org/wiki/Business_cyclehttp://en.wikipedia.org/wiki/Critique_of_the_Gotha_Programhttp://en.wikipedia.org/wiki/Pure_communismhttp://en.wikipedia.org/wiki/Common_ownershiphttp://en.wikipedia.org/wiki/Cooperativehttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Market_socialisthttp://en.wikipedia.org/wiki/Economic_planninghttp://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/wiki/Gift_economyhttp://en.wikipedia.org/wiki/Participation_%28decision_making%29http://en.wikipedia.org/wiki/Participatory_economicshttp://en.wikipedia.org/w/index.php?title=Command_%28Centrally_Planned_or_Socialist%29_Economic_Systems:&action=edit&redlink=1http://en.wikipedia.org/wiki/Traditional_economyhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Laissez-fairehttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_Socialismhttp://en.wikipedia.org/wiki/Worker_cooperativehttp://en.wikipedia.org/wiki/Public_ownershiphttp://en.wikipedia.org/wiki/Production_for_usehttp://en.wikipedia.org/wiki/Economic_interventionhttp://en.wikipedia.org/wiki/Welfare_statehttp://en.wikipedia.org/wiki/Wealthhttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Social_justicehttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Capital_markethttp://en.wikipedia.org/wiki/Capital_accumulationhttp://en.wikipedia.org/wiki/Capital_accumulation


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Inorthodox Marxism,themode of productionis tantamount to the subject of this article,

determining with a superstructure of relationsthe entirety of a given culture or stage of human

development.

Planned systems

Calculation in kind Indicative planning Planned economy State socialism

Market systems

Market socialism Socialist market economy Mutualism (economic theory)

Types of mixed economies

Economic systems that contain substantial state, private and sometimes cooperative

ownership and operated in mixed economies - i.e., ones that contain substantial amounts of

both market activity and economic planning.

Distributism- Catholic ideal of a "third way" economy, featuring more distributed ownership Georgism- socialized rents on land Mixed economy

o American Schoolo Dirigismeo Nordic modelo Japanese systemo Mercantilismo Social market economyalso known as Soziale Marktwirtschafto Social corporatismo Socialist-oriented market economyo Progressive utilization theoryo Indicative planningalso known as a planned market economy

Evolutionary economicsSee also:Evolutionary economics

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 andinefficienciesthat

make them impossible to survive over the long term. In Marx's scheme,feudalismwas

replaced bycapitalism,which would eventually be superseded bysocialism.[2]Joseph

Schumpeterhad 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. In subsequent world history,Communist statesrun according toMarxist-

Leninistideologies have either collapsed or gradually reformed their centrally-planned
http://en.wikipedia.org/wiki/Orthodox_Marxismhttp://en.wikipedia.org/wiki/Orthodox_Marxismhttp://en.wikipedia.org/wiki/Orthodox_Marxismhttp://en.wikipedia.org/wiki/Mode_of_productionhttp://en.wikipedia.org/wiki/Mode_of_productionhttp://en.wikipedia.org/wiki/Mode_of_productionhttp://en.wikipedia.org/wiki/Base_and_superstructurehttp://en.wikipedia.org/wiki/Base_and_superstructurehttp://en.wikipedia.org/wiki/Calculation_in_kindhttp://en.wikipedia.org/wiki/Calculation_in_kindhttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/Market_socialismhttp://en.wikipedia.org/wiki/Market_socialismhttp://en.wikipedia.org/wiki/Socialist_market_economyhttp://en.wikipedia.org/wiki/Socialist_market_economyhttp://en.wikipedia.org/wiki/Mutualism_%28economic_theory%29http://en.wikipedia.org/wiki/Mutualism_%28economic_theory%29http://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/Nordic_modelhttp://en.wikipedia.org/wiki/Nordic_modelhttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Social_market_economyhttp://en.wikipedia.org/wiki/Social_market_economyhttp://en.wikipedia.org/wiki/Social_corporatismhttp://en.wikipedia.org/wiki/Social_corporatismhttp://en.wikipedia.org/wiki/Socialist-oriented_market_economyhttp://en.wikipedia.org/wiki/Socialist-oriented_market_economyhttp://en.wikipedia.org/wiki/Progressive_utilization_theoryhttp://en.wikipedia.org/wiki/Progressive_utilization_theoryhttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Karl_Marxhttp://en.wikipedia.org/wiki/Karl_Marxhttp://en.wikipedia.org/wiki/Inefficiencyhttp://en.wikipedia.org/wiki/Inefficiencyhttp://en.wikipedia.org/wiki/Inefficiencyhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Communist_stateshttp://en.wikipedia.org/wiki/Communist_stateshttp://en.wikipedia.org/wiki/Communist_stateshttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Marxist-Leninisthttp://en.wikipedia.org/wiki/Communist_stateshttp://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Joseph_Schumpeterhttp://en.wikipedia.org/wiki/Economic_systems#cite_note-ComparingEconomic-1http://en.wikipedia.org/wiki/Socialismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Inefficiencyhttp://en.wikipedia.org/wiki/Karl_Marxhttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Progressive_utilization_theoryhttp://en.wikipedia.org/wiki/Socialist-oriented_market_economyhttp://en.wikipedia.org/wiki/Social_corporatismhttp://en.wikipedia.org/wiki/Social_market_economyhttp://en.wikipedia.org/wiki/Mercantilismhttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Nordic_modelhttp://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Mutualism_%28economic_theory%29http://en.wikipedia.org/wiki/Socialist_market_economyhttp://en.wikipedia.org/wiki/Market_socialismhttp://en.wikipedia.org/wiki/State_socialismhttp://en.wikipedia.org/wiki/Planned_economyhttp://en.wikipedia.org/wiki/Indicative_planninghttp://en.wikipedia.org/wiki/Calculation_in_kindhttp://en.wikipedia.org/wiki/Base_and_superstructurehttp://en.wikipedia.org/wiki/Mode_of_productionhttp://en.wikipedia.org/wiki/Orthodox_Marxism


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economies towardmarket-based economies,for example withperestroikaand thedissolution

of the Soviet Union,Chinese economic reform,andi Miin Vietnam.

Mainstreamevolutionary economicscontinues to study economic change in modern times.

There has also been renewed interest in understanding economic systems as evolutionary

systems in the emerging field ofComplexity economics.

Context in society

An economic system can be considered a part of thesocial systemand hierarchically equal to

thelaw system,political system,cultural,etc. There is often a strong correlation between

certainideologies,political systemsand 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.

List of economic systems

This list attempts to sort all possible economic systems in alphabetical order, without anydivision or hierarchization.

American School Anarchism Anarcho-capitalism Anarcho-communism Autarky Barter economy Buddhist economy Capitalism Colonialism Communism Corporatism Corporate capitalism Digital economy Distributism Dirigisme Fascist socialization Feudalism Georgism Green economy Hydraulic despotism Inclusive democracy Information economy Internet economy Islamic economics Japanese System Knowledge economy Libertarian communism Libertarian socialism Market economy
http://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Perestroikahttp://en.wikipedia.org/wiki/Perestroikahttp://en.wikipedia.org/wiki/Perestroikahttp://en.wikipedia.org/wiki/Dissolution_of_the_Soviet_Unionhttp://en.wikipedia.org/wiki/Dissolution_of_the_Soviet_Unionhttp://en.wikipedia.org/wiki/Dissolution_of_the_Soviet_Unionhttp://en.wikipedia.org/wiki/Dissolution_of_the_Soviet_Unionhttp://en.wikipedia.org/wiki/Chinese_economic_reformhttp://en.wikipedia.org/wiki/Chinese_economic_reformhttp://en.wikipedia.org/wiki/Chinese_economic_reformhttp://en.wikipedia.org/wiki/%C4%90%E1%BB%95i_M%E1%BB%9Bihttp://en.wikipedia.org/wiki/%C4%90%E1%BB%95i_M%E1%BB%9Bihttp://en.wikipedia.org/wiki/%C4%90%E1%BB%95i_M%E1%BB%9Bihttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Evolutionary_economicshttp://en.wikipedia.org/wiki/Complexity_economicshttp://en.wikipedia.org/wiki/Complexity_economicshttp://en.wikipedia.org/wiki/Complexity_economicshttp://en.wikipedia.org/wiki/Social_systemhttp://en.wikipedia.org/wiki/Social_systemhttp://en.wikipedia.org/wiki/Social_systemhttp://en.wikipedia.org/wiki/Law_systemhttp://en.wikipedia.org/wiki/Law_systemhttp://en.wikipedia.org/wiki/Law_systemhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Culturalhttp://en.wikipedia.org/wiki/Culturalhttp://en.wikipedia.org/wiki/Culturalhttp://en.wikipedia.org/wiki/Ideologyhttp://en.wikipedia.org/wiki/Ideologyhttp://en.wikipedia.org/wiki/Ideologyhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Communismhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/Anarchismhttp://en.wikipedia.org/wiki/Anarchismhttp://en.wikipedia.org/wiki/Anarcho-capitalismhttp://en.wikipedia.org/wiki/Anarcho-capitalismhttp://en.wikipedia.org/wiki/Anarcho-communismhttp://en.wikipedia.org/wiki/Anarcho-communismhttp://en.wikipedia.org/wiki/Autarkyhttp://en.wikipedia.org/wiki/Autarkyhttp://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/w/index.php?title=Buddhist_economy&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Buddhist_economy&action=edit&redlink=1http://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/wiki/Colonialismhttp://en.wikipedia.org/wiki/Colonialismhttp://en.wikipedia.org/wiki/Communismhttp://en.wikipedia.org/wiki/Communismhttp://en.wikipedia.org/wiki/Corporatismhttp://en.wikipedia.org/wiki/Corporatismhttp://en.wikipedia.org/wiki/Corporate_capitalismhttp://en.wikipedia.org/wiki/Corporate_capitalismhttp://en.wikipedia.org/wiki/Digital_economyhttp://en.wikipedia.org/wiki/Digital_economyhttp://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/Fascist_socializationhttp://en.wikipedia.org/wiki/Fascist_socializationhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Green_economyhttp://en.wikipedia.org/wiki/Green_economyhttp://en.wikipedia.org/wiki/Hydraulic_despotismhttp://en.wikipedia.org/wiki/Hydraulic_despotismhttp://en.wikipedia.org/wiki/Inclusive_democracyhttp://en.wikipedia.org/wiki/Inclusive_democracyhttp://en.wikipedia.org/wiki/Information_economyhttp://en.wikipedia.org/wiki/Information_economyhttp://en.wikipedia.org/wiki/Internet_economyhttp://en.wikipedia.org/wiki/Internet_economyhttp://en.wikipedia.org/wiki/Islamic_economicshttp://en.wikipedia.org/wiki/Islamic_economicshttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Knowledge_economyhttp://en.wikipedia.org/wiki/Knowledge_economyhttp://en.wikipedia.org/wiki/Libertarian_communismhttp://en.wikipedia.org/wiki/Libertarian_communismhttp://en.wikipedia.org/wiki/Libertarian_socialismhttp://en.wikipedia.org/wiki/Libertarian_socialismhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Market_economyhttp://en.wikipedia.org/wiki/Libertarian_socialismhttp://en.wikipedia.org/wiki/Libertarian_communismhttp://en.wikipedia.org/wiki/Knowledge_economyhttp://en.wikipedia.org/wiki/Japanese_post-war_economic_miraclehttp://en.wikipedia.org/wiki/Islamic_economicshttp://en.wikipedia.org/wiki/Internet_economyhttp://en.wikipedia.org/wiki/Information_economyhttp://en.wikipedia.org/wiki/Inclusive_democracyhttp://en.wikipedia.org/wiki/Hydraulic_despotismhttp://en.wikipedia.org/wiki/Green_economyhttp://en.wikipedia.org/wiki/Georgismhttp://en.wikipedia.org/wiki/Feudalismhttp://en.wikipedia.org/wiki/Fascist_socializationhttp://en.wikipedia.org/wiki/Dirigismehttp://en.wikipedia.org/wiki/Distributismhttp://en.wikipedia.org/wiki/Digital_economyhttp://en.wikipedia.org/wiki/Corporate_capitalismhttp://en.wikipedia.org/wiki/Corporatismhttp://en.wikipedia.org/wiki/Communismhttp://en.wikipedia.org/wiki/Colonialismhttp://en.wikipedia.org/wiki/Capitalismhttp://en.wikipedia.org/w/index.php?title=Buddhist_economy&action=edit&redlink=1http://en.wikipedia.org/wiki/Barter_economyhttp://en.wikipedia.org/wiki/Autarkyhttp://en.wikipedia.org/wiki/Anarcho-communismhttp://en.wikipedia.org/wiki/Anarcho-capitalismhttp://en.wikipedia.org/wiki/Anarchismhttp://en.wikipedia.org/wiki/American_School_%28economics%29http://en.wikipedia.org/wiki/Mixed_economyhttp://en.wikipedia.org/wiki/Communismhttp://en.wikipedia.org/wiki/Political_systemhttp://en.wikipedia.org/wiki/Ideologyht

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