industrial capitalism
communism
They face the same basic economic problems
The Market
Ownership of the means of production by a small minority; wages system; production for sale and profit; exploitation
prevailing economic systems
An industrial town is a city where the economic system is based off industry, such as a mining town.
communism
An agrarian society relies primarily on agriculture as the main economic activity, while an industrial society is characterized by a shift towards manufacturing and mechanized production. Agrarian societies are typically more rural and based on manual labor, while industrial societies are more urbanized and utilize machinery for production.
Germany has an Industrial based economy. Their economy at present is really strong.
They face the same basic economic problems
The Market
An economic system based on the private ownership of the means of production and distribution in which the goal is to produce profi
Ownership of the means of production by a small minority; wages system; production for sale and profit; exploitation
1957-1970 - Agricultural 1970s- mid 1980s - Agricultural + Industrial 1985 onwards - Industrial 1995 onwards - knowledge based
prevailing economic systems
Capitalism is an example of a free market economy.
Socialism (a classless stateless society based on production for use) will have to exist at a global level, so there cannot be a Socialist country. And there will be no ones or wages or prices, hence no economic system.