Different Economic Systems

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Presentation transcript:

Different Economic Systems

Traditional Economies Based on custom

Little innovation or change Subsistence standard of living

Command (Socialism, Communism) Public (govt) ownership of land, capital Central economic planning Distribution of resources Output decisions Wage and price controls

Market (capitalism, free enterprise) Economic incentives – profit motive Voluntary exchange Economic freedom Private property rights (including intellectual property)—protected by legal contracts Self-interest – see Adam Smith profile, p. 33 Wealth of Nations, 1776 Father of modern economics Self-interest Laissez-faire

Competition, including the right to fail The “invisible hand” Creative destruction (Joseph Schumpeter) – new products and production methods destroy old products, firms Limited government role—protection, courts, public goods and services

Mixed economies Market system dominates: Hong Kong US Australia Switzerland

Market systems with extensive social welfare programs: Sweden Norway Germany Netherlands

Extensive government intervention in the market: North Korea Cuba

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