Economic Systems

Kibbutz Evolution_of_the_Revolution/ Evolution_of_the_Revolution/

Basic Economic Questions What, How, For Whom? Based on how you answer these questions, changes the economic system you are a part of.

Range of Economic Systems Command/ Socialism Welfare Industrial Market Communism Capitalism Capitalism Capitalism North Korea CubaSweden Germany Singapore China UK JapanUS Kibbutz

Analyzing the Range No Country fits perfectly into the range b/c all countries have a mixed economy

Analyzing the Range No Country fits perfectly into the range b/c all countries have a mixed economy In order to place a country on the range, find what share of total spending is carried out by the nation’s government

Analyzing the Range No Country fits perfectly into the range b/c all countries have a mixed economy In order to place a country on the range, find what share of total spending is carried out by the nation’s government The larger the government’s share, the farther to the left the country is located

Analyzing the Range No Country fits perfectly into the range b/c all countries have a mixed economy In order to place a country on the range, find what share of total spending is carried out by the nation’s government The larger the government’s share, the farther to the left the country is located Basically, the more involved the gov’t, the further to the left the economy shifts

Command/Communism An economy that is planned and controlled by a central administration China

Socialism Economic system in which the means of production are publicly owned or commonly owned and controlled cooperatively. Cuba

Welfare Capitalism Refers either to the combination of a capitalist economic system with a welfare state or, to the practice of businesses providing welfare-like services to employees. United Kingdom

Welfare Capitalism Refers either to the combination of a capitalist economic system with a welfare state or, to the practice of businesses providing welfare-like services to employees. Welfare capitalism in this second sense, or industrial paternalism, was centered in industries that employed skilled labor and peaked in the late 19th and early 20th centuries.

Industrial Capitalism Characterized by the increasing use of machinery to maintain an economic balance through its production processes. Germany, Japan

Market Capitalism A social and economic system in which prices are fixed by the law of supply and demand rather than by a government or other body. United States