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14-September-2008 18:38:49 - Economic system Part of a series on Economic Systems Economic ideologies Anarchist · Capitalist · Communist · Corporatist · Fascist · Georgist · Islamic · Laissez-faire · Market socialist · Mercantilist · Protectionist · Socialist · Syndicalist · Third Way Sectors and systems Closed · Digital · Dual · Gift · Informal · Market · Mixed · Natural · Open · Participatory · Planned · Subsistence · Underground · Virtual Other types of economies Anglo-Saxon · Feudal · Global · Hunter-gatherer · Information · Newly industrialized country · Palace · Plantation · Post-capitalist · Post-industrial · Social market · Socialist market · Token · Traditional · Transition Business and Economics Portal This box: view talk An economic system is a system that involves the production, distribution and consumption of goods and services between the entities in a particular society. The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property. 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. Examples of contemporary economic systems include capitalist systems, socialist systems, and mixed economies. Economic systems is the economics category that includes the study of respective systems. Contents 1 Overview 2 Division of economic systems 2.1 Hands-on State-oriented Systems 2.2 Hands-on Private-oriented Systems 2.3 Hands-on Communal-oriented Systems 2.4 Hands-off Private-oriented Systems 2.5 Hands-off State-oriented Systems 2.6 Hands-off Communal-oriented Systems 2.7 Compromise Mixed systems 3 List of economic systems by Name 4 See also 5 References 6 Further reading 7 External links 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. 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. 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. 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.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. 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. Many economic systems overlap each other in various areas for example, the term mixed economy can be argued to include elements from various systems. There are also various mutually exclusive hierarchical categorizations. Basic types Economic systems The basic and general economic systems are: Market economy the basis for several hands off systems, such as capitalism. Mixed economy a compromise economic system that incorporates some aspects of the market approach as well as some aspects of the planned approach. Planned economy the basis for several hands on systems, such as socialism. Command Economy a complete hands on system, such as the Soviet economic model. Traditional economy a generic term for the oldest and traditional economic systems Participatory economics a recent proposal for a new economic system There are several basic and unfinished questions that must be answered in order to resolve the problems of economics satisfactorily. 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. Meanwhile, hands-off 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. Oftentimes the primary concern of hands-on economic systems is usually egalitarianism, while the primary concern of hands-off economic systems is usually private property. Libertarians target individual economic freedom as a primary goal of their hands-off policies, though in general, most types of economic systems claim that their system of economic organization is either most efficient or socially effective. 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 State-oriented Systems Economic systems in which the state directs or controls economic activity. Marxian Socialism Socialism Socialist Planned Economy Market socialism Feudalism State Corporatism State Capitalism Fascist Economics Mercantilism Hands-on Private-oriented Systems A system in which large privately-owned entities control or direct the economy in their favor, or in which private shareholders invest in and own enterprises that are operated by the state or by employee cooperatives. Corporatism State Capitalism Hands-on Communal-oriented Systems Economic systems in which a collective, such as a commune or cooperative directs or plans large-scale economic activity. Communism Anarcho-communism a form of libertarian socialism Socialism Libertarian socialism Democratic Socialism a form of socialism in which enterprises are managed democratically by workers but are owned by the state Participatory Economics Hands-off Private-oriented Systems Economic systems in which the economy is controlled by privately in a usually decentralized fashion and operated based on market principles. Capitalism Anarcho-capitalism Laissez-faire capitalism Corporate capitalism Gift economy Mutualism a form of libertarian socialism Hands-off State-oriented Systems Economic systems in which the state runs, owns and/or manages its own resources and businesses in a free-market economy with minimal regulation. Socialist Market Economy Various socialist proposals in which the means of production are owned and operated by the state in a free-market system with no government regulation Various forms of Mixed economies Hands-off Communal-oriented Systems Economic systems that are characterized by decentralized cooperative or collective ownership that operate in market economies or decentralized, collectively-planned economies. Anarchist economics Syndicalism Libertarian Socialism Participatory Planning Mutualism a form of libertarian socialism Non-property system Compromise Mixed systems Economic systems that contain substantial state, private and sometimes cooperative ownership and operated in mixed economies - i.e, ones that contain substantial amounts of both market activity and economic planning. Distributism Georgism Mixed economy American School Dirigisme Nordic model Japanese System Mercantilism Social market economy also known as Soziale Marktwirtschaft PROUT also known as Progressive Utilization Theory Indicative Planning also known as a planned market economy 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. American School Anarchism Anarcho-capitalism Anarcho-communism Autarky Barter economy Buddhist Economy Capitalism Colonialism Command economy Communism Coordinatorism Corporatism Corporate capitalism Digital Economy Distributism Dirigisme Fascist socialization Feudalism Green economy Hydraulic despotism Inclusive Democracy Information economy Internet Economy Islamic economics Japanese System Knowledge Economy Libertarian communism Libertarian socialism Market economy Market socialism Marxian economics Mercantilism Mixed economy Mutualism Natural economy Neo-colonialism Network Economy Nordic model Parecon Participatory economy Planned economy Progressive Utilization Theory Resource based economy Self-management Social market economy Socialism Socialist market economy Subsistence economy Traditional economy Virtual economy See also Economy History of economic thought Political economy Economic ideology References ^ NA 2007. economic systems, The New Encyclopædia Britannica, v. 4, pp. 357-58. ^ David W. Conklin 1991, Comparative Economic Systems, Cambridge University Press, p.1. Further reading Richard Bonney 1995, Economic Systems and State Finance, 680 pp. David W. Conklin 1991, Comparative Economic Systems, Cambridge University Press, 427 pp. George Sylvester Counts 1970, Bolshevism, Fascism, and Capitalism: An Account of the Three Economic Systems. Robert L. Heilbroner and Peter J. Boettke 2007. Economic Systems. The New Encyclopædia Britannica, v. 17, pp. 908-15. Harold Glenn Moulton, Financial Organization and the Economic System, 515 pp. Jacques Jacobus Polak 2003, An International Economic System, 179 pp. Frederic L. Pryor 1996, Economic Evolution and Structure: 384 pp. Frederic L. Pryor 2005, Economic Systems of Foraging, Agricultural, and Industrial Societies, 332 pp. Graeme Donald Snooks, Global Transition: A General Theory, PalgraveMacmillan, 1999, 395 pp. External links Social Studies VSC Glossary Glossary-Cultural Anthropology ECONOMIC SYSTEMS, a refereed journal for the analysis of market and non-market solution, by Elsevier since 2001. Economic Systems by WebEc, 2007. World Economic Systems v d e Systems and systems science Systems categories Conceptual systems · Physical systems · Social systems · Systems theory · Systems science · Systems scientists Systems Biological system · Complex system · Complex adaptive system · Conceptual system · Cultural system · Database management system · Dynamical system · Economic system · Ecosystem · Formal system · Global Positioning System · Human anatomy · Information systems · Legal systems of the world · Living systems · Systems of measurement · Metric system · Multi-agent system · Nervous system · Nonlinearity · Operating system · Physical system · Political system · Sensory system · Social structure · Solar System · Systems art Theoretical fields Chaos theory · Complex systems · Control theory · Cybernetics · Scientific holism · Sociotechnical systems theory · Systems biology · System dynamics · Systems ecology · Systems engineering · Systems psychology · Systems science · Systems theory Systems scientists Russell L. Ackoff · William Ross Ashby · Gregory Bateson · Richard E. Bellman · Stafford Beer · Ludwig von Bertalanffy · Murray Bowen · Kenneth E. Boulding · C. West Churchman · George Dantzig · Heinz von Foerster · Jay Wright Forrester · George Klir · Edward Lorenz · Niklas Luhmann · Humberto Maturana · Margaret Mead · Donella Meadows · Mihajlo D. Mesarovic · Howard T. Odum · Talcott Parsons · Ilya Prigogine · Anatol Rapoport · Claude Shannon · Francisco Varela · Kevin Warwick · Norbert Wiener Retrieved from http://en..org/wiki/Economic_system Categories: Economic systems Views Article Discussion this page History Personal tools Log in / create account Navigation Main page Contents Featured content Current events Random article Search Go Search Interaction Community portal Recent changes Contact Donate to Help Toolbox What links here Related changes Upload file Special pages Printable version Permanent link Cite this page Languages العربية БългарÑ?ки Deutsch Eesti Español Ù?ارسی Français Bahasa Indonesia Italiano עברית ქáƒ?რთული Magyar РуÑ?Ñ?кий Simple English SlovenÄ?ina Suomi Svenska தமிழà¯? ייִדיש ä¸æ–‡ This page was last modified on 11 September 2008, at 21:13
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