For example, the notion of a "free market,"" an economic system that operates by its own principles without political interference, is considered to be a mythical condition that never has existed. ... Marx believed that the process of economic production was fundamental to social life, for three reasons: 1) it is in the process of production that humans come to grips with their environments (extracting resources); 2) the production process forces humans to create extensive social relationships of cooperation; and 3) all value is created in the process of production. He reasoned that n...

• Word Count: 2799
• Approx Pages: 11
• Grade Level: Undergraduate

Globalization is defined with the focus of economics to mean the integration of the state economies through corporations' investment, trade and capital flow into the international economy. There are critics of globalization argue that economic globalization is the leading cause of the social problem...

• Word Count: 2557
• Approx Pages: 10
• Has Bibliography
• Grade Level: Undergraduate

Comparative Economic Systems It would be extremely easy to state that economics is an area of study that seeks efficient use of scarce resources to satisfy unlimited wants and that economic systems simply refer to the outcomes of economic activities, which are influenced by social, natural and political settings. However, it is clear that economics goes far beyond utilizing resources or levels of development and by comparing different economic systems one can analyze their importance and influence on other sectors of society. Apart from affecting other sectors, an economic system is also ...

• Word Count: 4711
• Approx Pages: 19
• Has Bibliography
• Grade Level: Undergraduate

Physiocracy implied that the existence of a natural order in economics made it possible for people to be prosperous without interference from the state. ... The Industrial Revolution of 18th century Europe was the most influential transformation, which above all changed human labour, consumption, and social structure. ...

• Word Count: 3577
• Approx Pages: 14
• Has Bibliography
• Grade Level: Undergraduate

During the 1990s, literature on the international political economy was dominated by the idea of globalization. Dramatic decreases in transport costs and the rise of fast and cheap telecommunications technology have made geography less relevant and facilitated massive increases in global trade and n...

• Word Count: 7309
• Approx Pages: 29
• Grade Level: Graduate