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Economic systems

             Human's needs for society and government results in economics which answers the questions what, how, and how much should be produced. Varying economies are a reflection of different government's approaches to these questions. Based on differing levels of government intervention, economies can generally be classified as one of three distinct systems; market, mixed, or command. Although each system has its own positives and negatives the mixed economy would seem to be the most effective in fulfilling the majority of the populations needs.
             On the right side of the economic spectrum lies the capitalist or market economy in which the government has very little, or in its pure form no government intervention in economic affairs. This type of system advocated by Adam Smith was practiced by both British and American governments during the industrial revolution and led to productive but unstable economies consisting of booms and recessions. Many entrepreneurs became very rich but the number of wealthy people was small when compared to the number of poor ones, and the middle class was all but nonexistent. Social inequalities and class differences were harshly apparent. The unrestricted pursuit of profit left the worker's welfare solely in the hands of the employers who were free to impose any conditions they pleased. Often this resulted in dangerous working conditions, extremely low salaries, and terrible living conditions. There were also no regulations in place to limit the minimum age for working or maximum job hours. Lack of government intervention was shown to be practically ineffective when it caused the great depression in the 1930's by allowing wages to remain low as productivity increased and the demand for goods could not keep up with the increased supply. This system also left the stock market unregulated which led to its crash which also contributed to the depression.


Essays Related to Economic systems

1. Economic System Models

Economic Systems Models Hello Mr. ... There are three main types of economic systems: • The Market Economic System • The Planned Economic System • The Mixed Economic System MARKET ECONOMIC SYSTEMS First of all we will discuss the Market Economic System. ... Now we will discuss the advantages and disadvantages of Market Economic Systems. ... All these countries were following an economic system known as the Planned Economic System. ... When being compared to the market economic system, the planned economic system is very different. ...

  • Word Count: 1585
  • Approx Pages: 6
  • Grade Level: High School

2. Economic Systems

In the world, there are 3 main economic systems and every country falls into at least 1 of these economic categories. No country is categorized totally into one of these systems, but every country is uniquely mixed with combinations of the 3 systems ( capitalism, communism, and socialism.) Of the 3 systems, capitalism is the best economic system for a country because it offers people the right to own a business, allows people to keep more luxuries, and make as much money as they want. ... In a communist system, you are assigned a job, whether you enjoy it or not. ... In a communist system, ...

  • Word Count: 634
  • Approx Pages: 3
  • Grade Level: High School

3. Comparative economic systems

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. ... Thus, the creation of new economic entities and organizations reduced the significance of existing traditional systems and gave way to new systems. ... The traditional terms for economic systems are limited to fixed systems and are not applicable to dynamic changes taking pla...

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

4. Economic Systems

All economic systems must be able to answer these 3 basics question. Economic systems that answer those three important questions are communism and mercantilism too. Stalin the leader of the Soviet Union makes the economic system of communism. ... But on the other side the communism economic system did make Soviet Union industrialize. ... Mercantilism economic system had mercantilists that are people that know the basic of the mercantilism system. ...

  • Word Count: 837
  • Approx Pages: 3
  • Grade Level: High School

5. JAPAN'S ECONOMIC DEVELOPMENT

The system was set up on rules and obligations on all sections of society. These systems of control helped rapid urbanization. ... Tokugawa Japan abapted Confucianism belief system from there neighbors China. ... Patrick Smith describes this as a satellite manufacturing system. ... Smith displays a good picture of how the system runs. ...

  • Word Count: 2803
  • Approx Pages: 11
  • Grade Level: High School

6. Anglo-American Economic Geography

The post-war economic boom ended in the early 1970s. ... Meanwhile, the relaxation of government controls and de-regulation of the UK markets allowed freer operation of economic systems and a great emphasis on individual self-reliance (Johnston & Gardiner, 1991). ... Increasingly economic geographers were studying a region as a unique area of competitive advantage in a globalising economic order (Scott, 2000). ... The reliance on computer technology in economic geography is a reflection on the total reliance of technology in our modern economic systems. ... The economic effect is that economic...

  • Word Count: 1523
  • Approx Pages: 6
  • Grade Level: Undergraduate

7. Karl Marx

Karl Marx saw many problems with the capitalist system. ... As he describes capitalism his main objection to the economic system is what was know as the "labor theory of value." ... Marx says that capitalism split's the capitalist system into two parts. ... This is so that they can not rise up and take control of the system. ... Marx does not fault capitalists because of what they do, he says they are merely helpless victims of the laws of their own, flawed, economic system. ...

  • Word Count: 705
  • Approx Pages: 3
  • Grade Level: High School

8. American Economic System and homelessness

Description of the relationship between the American economic system and the problems of homelessness in America. ... Michael Zweig writes that "Economic problems come from the economic system, and the structure of power within it, that favors on class and disfavors others. ... We have no true distribution of wealth in our economic system. ... This country's economic system, as well as the rest of it all, was set up by wealthy, privileged, white, land owning, and in many cases slave owning, males. ... Could intense greed that is not only accepted by our eco...

  • Word Count: 774
  • Approx Pages: 3
  • Grade Level: High School

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