Economic system
Encyclopedia : E : EC : ECO : Economic system
| Economies | ||
| Sectors and Systems | ||
| Closed economy | ||
| Dual economy | ||
| Gift economy | ||
| Informal economy | ||
| Market economy | ||
| Mixed economy | ||
| Open economy | ||
| Participatory economy | ||
| Planned economy | ||
| Underground economy | ||
| Real-World Examples and Models | ||
| Anglo-Saxon economy | ||
| American School | ||
| Global economy | ||
| Hunter-gatherer economy | ||
| Information economy | ||
| New industrial economy | ||
| Palace economy | ||
| Plantation economy | ||
| Social market economy | ||
| Transition economy | ||
| Ideologies and Theories | ||
| Capitalist economy | ||
| Corporate economy | ||
| Natural economy | ||
| Socialist economy | ||
| Token economy | ||
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The economic system is composed of 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 and incomplete questions that must be answered in order to resolve the problems of economics satisfactorily. The scarcity problem, for example, 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.
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.
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)
More detailed lists of economic systems are given below.
List by left-wing and right-wing
Typically, "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 goods and services, with the stated aim of ensuring social justice and a more equitable distribution of wealth (see welfare state). Meanwhile, "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
- Communism
- *Anarcho-communism
- Gift economy
- Socialism
- *Libertarian socialism
- *Market socialism
- *State socialism
\"Right-wing\" systems
- Capitalism
- *Anarcho-capitalism
- *Laissez-faire capitalism
- *Corporate capitalism
- Feudalism
- National Economy Model see: Haydar Bas
\"Centrist\" systems
- Mixed economy
- *American School
- *Dirigisme
- *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 School
- 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 System
- Libertarian communism also known as anarcho-communism
- Libertarian socialism
- Market economy
- Market socialism
- Mercantilism
- Mixed economy
- Mutualism
- Natural economy
- Neo-colonialism
- Parecon also known as participatory economy
- Participatory economy also known as parecon
- Planned economy also known as command 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
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