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An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in a particular society. Social organization or social institution, refers to a group of Social positions connected by Social relations performing a Social role. Distribution (or place) is one of the four elements of Marketing mix. In economics consumption is the primary motivating force in the wealth or utility maximizing paradigm A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates A society is a Population of Humans characterized by patterns of relationships between individuals that share a distinctive Culture and Institutions The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. The term person is used in Common sense to mean an individual Human being. Institutions are structures and mechanisms of Social order and Cooperation governing the Behavior of a Set of Individuals A convention is a set of agreed, stipulated or generally accepted Standards norms social norms or criteria, often taking the form of Property is any physical or virtual entity that is owned by an individual In a given economy, it is the systemic means by which problems of economics are addressed, such as the economic problem of scarcity through allocation of finite productive resources. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area Economics is the social science that studies the production distribution, and consumption of goods and services. The economic problem, sometimes called the fundamental economic problem, is one of the fundamental economic theories in the operation of any Economy. Examples of contemporary economic systems include capitalist systems, socialist systems, and mixed economies. Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Since the 18th century Socialist ideas have developed and separated into many different types of socialism. A mixed economy is an Economic system that incorporates aspects of more than one economic system Economic systems is the economics category that includes the study of respective systems. Articles in economics journals are usually classified according to the system used by the Journal of Economic Literature (JEL

Contents

Overview

-An economic system is a set of methods and standards brought by which a society decides and organizes the ownership and allocation of economic resources. Ownership is the state or fact of exclusive rights and control over Property, which may be an object, land/real estate, Intellectual property In economic theory factors of production (or productive inputs) are the resources employed to produce goods and services At one extreme, production is carried in a private-enterprise system such that all resources are privately owned. It was described by Adam Smith as frequently promoting a social interest, although only a private interest was intended. Adam Smith ( baptised 16 June 1723 – 17 July 1790) was a Scottish moral philosopher and a pioneer of Political economy. At the other extreme, following Karl Marx and Vladimir Lenin is what is commonly called a pure-communist system, such that all resources are publicly owned with an intent of minimizing inequalities of wealth among other social objectives. [1]

Alternatively, 'economic system' refers to the organizational arrangements and process through which a society makes its production and consumption decisions. A society is a Population of Humans characterized by patterns of relationships between individuals that share a distinctive Culture and Institutions In creating and modifying its economic system, each society chooses among alternative objectives and alternative decision modes. Many objectives may be seen as desirable, like efficiency, growth, liberty, and equality. Liberty, the freedom to act or believe without being stopped by unnecessary force [2]

Part of a social 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. Social structure is a term frequently used in Sociology and Social theory — yet rarely defined or clearly conceptualised (Abercrombie et al Law is a system of rules enforced through a set of Institutions used as an instrument to underpin civil obedience politics economics and society A political system is a System of Politics and Government. It is usually compared to the Law system, Economic system, Cultural A cultural system may be defined as the interaction of different elements of Culture. There is often a strong correlation between a certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism"). An ideology is a set of beliefs aims and Ideas especially in politics A political system is a System of Politics and Government. It is usually compared to the Law system, Economic system, Cultural Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based Many economic systems overlap each other in various areas (for example, the term "mixed economy" can be argued to include elements from various systems). A mixed economy is an Economic system that incorporates aspects of more than one economic system There are also various mutually exclusive hierarchical categorizations.

Basic types Economic systems

The basic and general economic systems are:

There are several basic and unfinished questions that must be answered in order to resolve the problems of economics satisfactorily. A traditional economy is an Economic system in which Resources are allocated by Inheritance, and which has a strong Social network Participatory economics, often abbreviated parecon, is a proposed Economic system that uses participatory decision making as an economic mechanism 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 way different.

Division of economic systems

Typically, "hands-on" 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). A society is a Population of Humans characterized by patterns of relationships between individuals that share a distinctive Culture and Institutions For the government of parliamentary systems see Executive (government. A service is the non-material equivalent of a good. A service provision is an economic activity that does not result in Ownership, and this is what differentiates Social justice, sometimes called civil justice, refers to the concept of a Society in which Justice is achieved in every aspect of society rather than Wealth derives from the old English word "weal" which means "well-being This article refers specifically to the Welfare state of the United Kingdom. Meanwhile, "hands-off" that means dont touch an one and keep your hands to your self economic systems give more power to private individuals (and perhaps corporations) to make those decisions, rather than leaving them up to society as a whole, and often limit government involvement in the economy. A corporation is a separate legal entity usually used to conduct business

The primary concern of "hands-on" economic systems is usually egalitarianism, while the primary concern of "hands-off" economic systems is usually private property. Egalitarianism (derived from the French word égal, meaning equal) is a political doctrine that holds that all people should be treated as equals and have Property is any physical or virtual entity that is owned by an individual Libertarians target individual economic freedom as a primary goal of their "hands-off" policies. Libertarianism is a term used by a broad spectrum of political philosophies which prioritize individual Liberty and seek to minimize or even abolish the Economic freedom is freedom to produce trade and consume any goods and services acquired without the use of force fraud or theft

The following list divides the main economic systems into "hands-on" and "hands-off," it attempts to structure the systems in a given section by alphabetical order and in a vertical hierarchy where possible.

"Hands-on" systems

"Hands-off" systems

"Compromise" systems

List of economic systems 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. Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution Libertarian socialism is a group of political philosophies that aim to create a society without political economic or social hierarchies – a society in which all violent Market socialism is a term used to denote two different Economic system (s based in Socialism which operate according to Market principles State Socialism is a term introduced to describe the type of government in countries ruled by communist parties such as the former USSR, which are generally known as Communist Feudalism, a term first used in the early modern period (17th century in its most classic sense refers to a Medieval Europe Political system composed Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where Anarcho-capitalism (also known as Free-market anarchism) is an individualist anarchist Political philosophy that advocates the elimination Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do” Corporate capitalism is a term used in social science and economics to describe a capitalist marketplace characterized by Hierarchical, Bureaucratic organizations A gift economy is a Social theory in which goods and services are given without any explicit agreement for immediate or future Quid pro quo. Mutualism, is an Anarchist school of thought, can be traced to the writings of Pierre-Joseph Proudhon that envisioned a society where each person might possess a A Non-property system is an Economic system in which there is no concept of Property. Distributism, also known as distributionism and distributivism, is a third-way economic philosophy formulated by such Roman Catholic "Georgist" redirects here For the Romanian political group see National Liberal Party-Brătianu. A mixed economy is an Economic system that incorporates aspects of more than one economic system See also American System (economic plan. The American School, also known as " National System " represents three different yet Dirigisme (from the French) (in English also "dirigism" although per the OED both spellings are used is an Economic term designating an economy The Nordic model refers to the economic and Social models of the Nordic countries ( Denmark, Finland, Sweden and Norway) Japanese post-war economic miracle is the name given to the historical phenomenon of Japan's record period of economic growth following World War II, spurred Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices The social market economy was the main economic model used in Western and Northern Europe during the Cold War era Prabhat Ranjan Sarkar (May 21 1921 &ndash October 21 1990 also known by his spiritual name Shrii Shrii Anandamurti, was an Indian philosopher author social Etymology is the study of the History of Words &mdash when they entered a language from what source and how their form and meaning have changed over time

See also


References

  1. ^ NA (2007). See also American System (economic plan. The American School, also known as " National System " represents three different yet Anarchism is a Political philosophy encompassing theories and attitudes which support the elimination of all compulsory Government, i Anarcho-capitalism (also known as Free-market anarchism) is an individualist anarchist Political philosophy that advocates the elimination An autarky is an economy that is self-sufficient and does not take part in International trade, or severely limits trade with the outside world Barter is a type of Trade in which goods or services are directly exchanged Buddhist economics is a set of economic principles partly inspired by Buddhist beliefs that individuals ought to do good work in order to ensure proper human Capitalism is the Economic system in which the Means of production are owned by private Persons and operated for Profit and where See Colony and Colonization for examples of colonialism which do not refer to Western colonialism A planned economy or directed economy is an Economic system in which the Government or Workers' councils manages the Economy. Communism is a Socioeconomic structure that promotes the establishment of an egalitarian, classless, stateless Society based Coordinatorism is a term for detrimental effects of individuals taking on coordinating roles as part of any effort at organisation Corporate capitalism is a term used in social science and economics to describe a capitalist marketplace characterized by Hierarchical, Bureaucratic organizations A digital economy is an economy that is based on electronic goods and services produced by an Electronic business and traded through Electronic commerce. Distributism, also known as distributionism and distributivism, is a third-way economic philosophy formulated by such Roman Catholic Dirigisme (from the French) (in English also "dirigism" although per the OED both spellings are used is an Economic term designating an economy Feudalism, a term first used in the early modern period (17th century in its most classic sense refers to a Medieval Europe Political system composed Ecological economics is a Transdisciplinary field of academic research within Economics that aims to address the interdependence between human economies and natural A hydraulic empire, also known as a hydraulic despotism or water monopoly empire, is a social or government structure which maintains power and control through exclusive The theoretical project of Inclusive Democracy ( ID; as distinguished from the political project which is part of the democratic and autonomy traditions emerged from the work Information economy is a defined term that an economy with an increased emphasis on Informational activities and Information industry. The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web This is a sub-article of Fiqh and Law and economics. Islamic economics is Economics in accordance with Islamic law Japanese post-war economic miracle is the name given to the historical phenomenon of Japan's record period of economic growth following World War II, spurred The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economic constraints Libertarian socialism is a group of political philosophies that aim to create a society without political economic or social hierarchies – a society in which all violent A market economy is a realized Social system based on the Division of labour in which the prices of Goods and Services are determined in a Market socialism is a term used to denote two different Economic system (s based in Socialism which operate according to Market principles Note Marxian economics is not restricted to Marxist economics as it includes the economic thought of those inspired by Marx's works who do not identify with Mercantilism is the idea that a colony should export more goods than it imports and that a colony should sell at higher prices and buy at lower prices A mixed economy is an Economic system that incorporates aspects of more than one economic system Mutualism, is an Anarchist school of thought, can be traced to the writings of Pierre-Joseph Proudhon that envisioned a society where each person might possess a Natural economy refers to a type of economy in which money is not used in the transfer of resources among people Neocolonialism is a term used by post-colonial critics of Developed countries ' involvement in the developing world One term used to describe the emerging economic order within the Information society is the Network economy The Nordic model refers to the economic and Social models of the Nordic countries ( Denmark, Finland, Sweden and Norway) Participatory economics, often abbreviated parecon, is a proposed Economic system that uses participatory decision making as an economic mechanism Participatory economics, often abbreviated parecon, is a proposed Economic system that uses participatory decision making as an economic mechanism A planned economy or directed economy is an Economic system in which the Government or Workers' councils manages the Economy. Prabhat Ranjan Sarkar (May 21 1921 &ndash October 21 1990 also known by his spiritual name Shrii Shrii Anandamurti, was an Indian philosopher author social Jacque Fresco (born March 13, 1916) is an industrial engineer, Architectural designer, social engineer and futurist based Worker self-management (or autogestion) is a form of workplace decision-making in which the workers themselves agree on choices (for issues like customer care general production The social market economy was the main economic model used in Western and Northern Europe during the Cold War era Socialism refers to a broad set of economic theories of social organization advocating state or collective ownership and administration of the Means of production and distribution A socialist market economy is an economic form that is practiced in the People's Republic of China, where it is called Socialism with Chinese characteristics A subsistence economy is an Economy in which a group attempts to produce no more output per period than they must consume in that period in order to survive but do not attempt A traditional economy is an Economic system in which Resources are allocated by Inheritance, and which has a strong Social network A virtual economy (or sometimes synthetic economy) is an emergent economy existing in a virtual persistent world, usually in the context of an An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area The history of economic thought deals with different thinkers and theories in the field of Political economy and Economics from the ancient world to the present Political economy originally was the term for studying production buying and selling and their relations with law custom and government An economic ideology discerns itself from a pure Economic theory because it is normative rather than just explanatory in its approach "economic systems," The New Encyclopædia Britannica, v. 4, pp. 357-58.
  2. ^ David W. Conklin (1991), Comparative Economic Systems, Cambridge University Press, p. 1.

Further reading

External links

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