Economic Systems

Japan's economic system is primarily characterized as a mixed economy, which incorporates elements of both free enterprise and government intervention. While private businesses operate freely in many sectors, the government plays a significant role in guiding economic policy, supporting key industries, and regulating markets. This combination allows for competitive practices while ensuring stability and growth in various sectors of the economy. Thus, while Japan embraces free enterprise principles, it also features notable government involvement.

The four major elements of Bhutan's concept of Gross National Happiness (GNH) include sustainable and equitable socio-economic development, conservation of the environment, preservation and promotion of culture, and good governance. These elements aim to create a holistic approach to development that prioritizes the well-being and happiness of its citizens over mere economic growth. GNH emphasizes a balance between material and spiritual well-being, fostering a harmonious society.

Countries with traditional economies base their answers to economic questions primarily on customs, traditions, and cultural practices. Economic activities are typically centered around subsistence farming, hunting, and gathering, with a strong reliance on barter systems rather than monetary transactions. Decisions about production and distribution are often guided by historical precedent and the needs of the community, emphasizing sustainability and the preservation of resources. This approach fosters a close-knit social structure where economic roles are often passed down through generations.

Planned

Both the United States and China operate mixed economies that incorporate elements of capitalism and government intervention. Each country relies on market mechanisms to drive growth, while also maintaining regulatory frameworks to address social and economic goals. Additionally, both nations have experienced significant industrialization and globalization, leading to increased trade and investment. However, the extent and nature of government involvement in the economy differ, with China adopting a more state-driven approach compared to the US's market-oriented model.

An economic system characterized by freedom is typically a market economy, where individuals and businesses have the liberty to make their own economic choices, such as what to produce, how to produce, and for whom to produce. This system promotes competition and innovation, allowing for the efficient allocation of resources based on supply and demand. While it encourages personal initiative and entrepreneurship, it also necessitates some regulatory framework to address market failures and ensure fair practices. Overall, market economies aim to balance individual freedoms with social welfare.

The key difference between economic systems lies in how they manage resources and distribution of goods and services. In a market economy, decisions are driven by supply and demand with minimal government intervention, while in a command economy, the government centrally plans and controls all economic activities. Mixed economies combine elements of both systems, allowing for some government regulation alongside market-driven forces. Each system reflects varying degrees of individual freedom, efficiency, and equity in resource management.

The American System, proposed by Henry Clay, faced opposition primarily from Southern states and their leaders, such as John C. Calhoun. They opposed the protective tariffs and internal improvements that favored industrial growth in the North, arguing that these policies disproportionately benefited Northern interests at the expense of the agrarian South. Additionally, many Democrats at the time, who favored limited government intervention in the economy, also rejected the American System.

Before the development of money, goods and services were exchanged through a barter system. In this system, individuals traded items or services directly for other items or services based on mutual agreement of value. Barter often required a "double coincidence of wants," meaning both parties had to want what the other offered, which made transactions less efficient. This limitation eventually led to the creation of money as a standardized medium of exchange.

command economy :D

When a higher level of the U.S. government (i.e. the federal government) tells lower branches of the government (i.e. state governments) to do something, that's a mandate. If the federal government give the states money to help them do whatever they want them to do, that's a funded mandate. If they don't, if they just expect the states to do it on their own, that's an unfunded mandate. So when the Americans with Disabilities Act was passed, the federal government told the state governments they had to make all their office buildings handicap-accessible. They did give the states some money for the construction (although some say not enough), so that was a funded mandate.

Paraguay has a market economy.

Economic system is a system that involves the production, destribution 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 prductive resources. such as through the convention of property. it is the systemic means by which porblems of economics are addressed, such as the economic porblem of scarcity though allocation of finite productive resources.

The Japanese used a free-enterprise system, introduced by the occupying United States.

Price or market system

Innovation is severely hampered in a PLANNED ECONOMY, such as Communist State might have, because individual business owners and product developers are not given the permission to produce as they see fit.

fishing and sailing seal fishery

Minimum quality of life. As a welfare function (mathematically), it would be represented as a min value function.

Socialism is a part of the modern economic system. Europe, American, Canada are some examples.

Extreme socialism, in a big country, is almost extinct. In Cuba there is some free market, but very limited. China is going in a capitalist direction, but in a very repressive government. North Korea is more a totalitarian system than a socialistic one.

The closest thing that exist to a pure socialist system is some auto-sufficient towns. Where they consume what they produce and they divide everything between the town.