Abstract This paper discusses how economicsystems are extremely complex structures that are often characterized by perpetual change. It attempts to define and characterize the economicsystems of pure capitalism, communism, socialism and mixed economy. It examines some of the concepts of pure capitalism and shows how a communist economy is a system in which the majority of the resources and means of production are owned by the entire society instead of individuals. It also describes how a socialist economy demands state ownership and control of the all of the fundamental means of production and distribution of wealth and how a mixed economy incorporates the principles of both capitalism and socialism.
From the Paper "There are several characteristics of capitalism. In a capitalistic economy the machines, buildings and equipment used to produce goods are privately owned. ("Capitalism") In addition, the buyers and sellers within the market dictate the manner in which the goods and services are bought and sold. Capitalism also employs the concept known as consumer sovereignty. Consumer sovereignty mandates that consumers have the right to spend the money that they earn in any way that they see fit. Consumer sovereignty also creates competition among producers. Competition ensures that consumers will get the types of products that they desire. Price is determined by supply and demand. When the demand for a product is greater than the supply of that product the price increases. Likewise if the supply of a product is greater than the demand the price decreases."
Abstract French governments, irrespective of their political affiliation, have always aimed at rational, efficient, economic development, with the long term objectives of the highly developed, technologically advanced economy of the United States. This paper examines the history of the French economicsystem from 1981 and shows how it has evolved into the system of today.
From the Paper "Irrespective of continuous reforms and privatization during the last two decades, the government continues to regulate a large portion of economic behavior. This is no more confined to the field of health care and education but also economic activities like banking and energy generation and distribution. Railways are apparently state monopoly and the telecom sector has maximum state equity. The government economic policy has the objective of fostering investment and growth in a stable monetary and fiscal regime."
An look at how the leaders of the Civil Rights movement believed that racism was based on economics, and that the entire economicsystem of the United States and of the world was inherently flawed.
1,105 words (approx. 4.4 pages), 5 sources, 2000, $ 38.95
Abstract The Civil Rights movement of the 1960s was not a movement for equality in the social or political sense; rather, it was a movement to bring an end to economic inequality and exploitation by the elites. Common perception holds that the Civil Rights movement sought to gain certain political and social rights and equalities. Measures such as the Civil Rights Act and the Voting Rights Act reinforced such flawed perceptions. However, when the works of the leaders of the Civil Rights movement are consulted, it is discovered that they were seeking economic equality. They believed that the fundamental cause of racism was a flawed economicsystem. It is important to note that they did not believe that poverty in the traditional sense caused racism and inequality. They believed, especially King and Carmichael, that the entire economicsystem of the United States and of the world was inherently flawed. This essay explore? their arguments why racism was based on economics, why the system was flawed, and how they hoped to change the system.
Abstract The purpose of this paper is to examine the meaning of economic welfare as it has evolved over time and has been interpreted by various economists throughout the years. The paper notest that, like the market, the notion of economic welfare and where it is derived from seems to fluctuate according to circumstance, as well as perception and interpretation. The paper then traces the origins of concepts of economic welfare and maps its evolution toward its current understanding in relation to management research and competitive advantage.
Outline:
Introduction
What is Economic Welfare?
Origins
Analyzing Concepts
Economic Welfare in Relation to Different Types of EconomicSystems Discussion
Conclusion
From the Paper "The theory of competitive general equilibrium that culminated in the Arrow-Debreu-McKenzie (ADM) model is a beautiful formalization of Smith's insight. It remains the best rationalization we have of the viability of the market system. It also provides an analytical model that is still the workhorse of many areas of economics. But in spite of its subtlety and power, the ADM model hardly does justice to the richness of Smith's vision. The decision-making framework represented by the ADM model, which we take to be the paradigm of perfect competition, reduces the whole economy to a single auction market. Although the ADM model can be interpreted as a theory of general equilibrium in a complete economy, it does not take seriously the distinction between partial and general equilibrium."
Abstract This paper reviews, discusses and compares the two main economicsystems existing in the world today, capitalism and communism. The paper discusses the USA as an example of the capitalist system and China as an example of the communist system.
Outline:
Capitalistic: US Economy
Communist : Chinese Economy
Conclusion
From the Paper "Also there are more corporate crimes in the US economy these days and are growing with time as these corporate become more powerful and integrated in the political system (Saugstad, 2001). In times of economic crises corporate crimes are committed in order to escape government regulations, taxes, to push out the competitors and to take charge of markets, to get hold of low cost, quicker labor, and to get the right to use raw materials. Also there is more embezzlement in this economy as managers and professionals try to find their way towards achieving middle class status and to maintain it in the face of such problems like divorce, competition, economic slumps and other fiscal problems which includes a status dread which builds up before the retirement period, since in a capitalist scheme, everyone has to look after their own future."
Abstract This paper discusses the similarities and differences between the 'stories' of British economic involvement in the West Indies and in the Indian subcontinent between 1750 and 1860. The paper looks at the uniqueness and complexity of each economicsystem and how British economic involvement in the territories forged a new 'British identity', based on the goods imported at the time.
From the Paper "Furthermore, a major difference between the economic involvement of Britain in the West Indies and India, at least in some historian's eyes, is the nature of the influence of entrepreneurial figures. For instance, Cain and Hopkins regularly use the term Gentlemanly Capitalism to describe British economic involvement in India. The term is extremely subjective, but it can be understood to refer to a new and 'respectful' kind of Capitalism, based on the existing system of Indian capitalism as well as meaning a gentlemanly pursuit of new forms of commercial activity, such as finance, away from traditional land-owning and industry. This form of an economic aim or economic involvement did not exist in the West Indies; in fact the economic aim was diametrically opposed to that of India. In the West Indies, 'Gentlemanly' conduct was not in the economic lexicon; simply only what was economically viable. This was the case because of the very different nature of commercial activity there. Slavery was, intrinsically, a base, brutish practice, which involved the desensitising of both profiteers and victims; slaves were viewed as a commodity or chattel, while status was not based on the type of economic activity engaged in, e.g. finance, but on the amount of slaves a member of the 'plantocracy' had amassed."
Examines the historical development of Islamic economics, especially the prohibition on the payment of interest (riba) and the mandatory tax on assets (zakat) that aided the poor.
2,005 words (approx. 8 pages), 6 sources, 2001, $ 63.95
Abstract This paper demonstrates that Islamic economics, like alternative economicsystems, reflects a unique historical experience, and is dependent upon that historical experience for its success. Islamic economics, in particular, the paper argues, has historically produced successful outcomes, but those successful outcomes are dependent upon the historical Islamic context. The shift away from this Islamic context inherent in modernization, however, nullifies the historical conditions that an effective Islamic economicsystem requires. The paper's main points include but are not limited to: the historical origin of the Islamic economicsystem is rooted in the caravan trade routes, the mercantile wealth that began to define the culture, and that Islamic economics replaces the free-market imperative of maximization of individual utility with a social justice imperative of cooperation and equality.
From the Paper "Disputes among various schools about whether nominal interest that accounts for the time value of money is prohibited are not important to the question of interest in the economy, because real interest is prohibited as riba in any case, and it is the real interest rate that determines key macroeconomic variables in classical economic models, such as the level of investment and supply of loanable funds."
Abstract This paper explains that the key strength to the Marxist economicsystem is a more even distribution of wealth among its people, but its weaknesses are a poor understanding of the profit motive in human behavior and the theory's dependence on centralized planning, which in a large, modern nation can become unwieldy. The author points out that the strength of the mercantilist system is that, through competition, successful nations can grow and prosper and their citizens can benefit, but a successful mercantilist policy produces an oversupply of money and serious inflation. The paper relates that the difference between these economic approaches is that Marxists view the international economy as a collection of nations whose workers have been successful in overthrowing the capitalist system and establishing workers' economies and those who have not; mercantilists view the international economy as a zero sum game where one country, to prosper and develop, extracts, through ruthless and cutthroat completion, wealth from other countries.
Table of Contents
Marxism
Economic Aspects of Marxism
Mercantilism
Key Strengths and Weaknesses of Marxism and Mercantilism
From the Paper "For Marx and Engels, the capitalist system and the bourgeois class that ran it was seen as filled with inherent weaknesses and many contradictions. These weaknesses and contradictions would become increasingly severe as industrialization progressed and would end up progress into increasingly relentless economic crises. Thus, for Marx and adherents of Marxism, highly industrialized nations, where the problems and crises' of capitalism and the consciousness' of the workers were far more advanced in understanding these weaknesses and divisions, would be among the first to embrace and establish Marxist societies."
Abstract This paper provides a thorough analysis of monetary policy while concentrating on the role of the Federal Reserve System. The paper looks at the instruments used by the Federal Reserve System, the performance metrics in relation to the business environment and the role of monetary policy within the macroeconomic framework. The paper also analyzes the role of money when achieving economic objectives such as economic growth, controllable inflation and low unemployment rates.
Outline:
Introduction
The Money Creation Process
A Description of Monetary Policy
Federal Reserve System: 1970s and 1980s
Federal Reserve System: 1990s and Beyond
Monetary Policy Efficiency
Federal Reserve System Performance: Monetary Policy Vs. Fiscal Policy
From the Paper "After WWII, Milton Friedman wrote a seminal work on the Quantity Theory of Money that used past research to show the linkage between money and hyperinflation. Similarly, it became clear to many analysts and economists that the role of the Federal Reserve System was more expansive, as there were efforts to measure and analyzes the growth of money stocks. As the Federal Reserve Bank acts as the bankers' bank, and dictates monetary policy, measurement efforts that are linked to the two points listed above involved expansive money supply estimation to include and define narrow and board definitions of money (Federal Reserve Board para. 4)."
Abstract This postgraduate paper examines the NEP and perestroika. The paper discusses how Vladimir Lenin's New Economic Policy and Mikhail Gorbachev's perestroika were similar in terms of their short term political and economic goals, for Lenin and Gorbachev both felt compelled to face economic realities. Both men were confronted by an enormous range of economic challenges, for Lenin not only had to rebuild an economy shattered by years of war and revolution he was intent upon replacing Russia's capitalist economicsystem with a communist economicsystem.
Abstract As a resource-based economy dependent on export markets, the effects of a global economicsystem are potentially very marked for Canada. If a global economicsystem comes hand in hand with free trade, liberalized financial institutions and high mobility of capital and labor, Canada's probable outcome can be predicted by contrasting the effects of a global economy with those of the regional NAFTA arrangement. Using this yardstick of measurement, Canada has much to gain from a more global economy. This paper will further elaborate this point.
Abstract This paper intends to present criticisms of the capitalist economicsystems (both historical and as they are presently constituted throughout the world) that are encased in the free market system. As well, reform possibilities are raised to help determine whether these systems will continue to be viable in the future. In presenting criticism and critiques of capitalism, one must always be careful as to what type of capitalism is the object of such criticism-and at what level is objections are being raised. In general terms, it could be argued there are two types of capitalism or two ways of looking at this economic structure-the theoretical model and what is really out there in the real world.
Abstract This paper analyzes Hernando De Soto's "The Other Path" (how to fight terrorism with economics) and "The Mystery of Capital (theories on why lesser developed countries remain poor and what they need for transformation). It attempts to show how the economic environment in third world and former communist countries have repeatedly failed to reorganize the structure of their legal systems to encourage sustained economic growth through capital formation. It also discusses how it is important to realize that such failure is not the result of poor decisions made by millions of poor and illiterate street bums, but rather, the ultimate result of an economicsystem that, itself, prevents substantial economic growth and higher living standards.
From the Paper "The second part of the book is devoted chiefly to describing the actual problems associated with and inherent to the Peruvian legal system. It is broken down into the costs and importance of the law, the redistributive tradition of Peru, and the Peruvian legal system's parallel with mercantilist policies. In regard to the costs and importance of the law, de Soto describes the costs associated with formality, including the costs of access to the formal system (access to industry, housing, trade, transport, and remaining formal). He then goes on to describe the costs associated with informality, including the costs of illegality (costs of avoiding penalties, net transfers, and evading taxes and labor laws), as well as the costs of the absence of good laws (costs of not having property rights, the inability to use the contract system, and the inefficiency of extracontractual law). "
Tags: LCDs, Globalization, Terrorism, Economics, lima, third, world
Abstract This paper examines the economicsystems that govern decision-making policies of the health care systems in England and the U.S. It briefly provides an overview of these systems and then looks at the similarities and differences in their operating systems.
Comparing Health Care Systems Health Care in England
Health Care in the United States
Works Cited
From the Paper "The tort systems of Commonwealth nations other than New Zealand remain basically similar to the American system, with the following exceptions germane to America: (1) civil jury trials prevail in the United States, but have been largely abolished elsewhere; (2) In the United States the losing party is not responsible for the legal fees and costs of the winner, unlike other locales; and (3) American law has no limits on contingency fees. Combined, these differences lead to speculative litigation, which is the legitimate basis for overarching jury awards in this country. ?One can define a speculative claim as one whose success depends not on the intrinsic legal merits of the claim, but on fortuity.? "
Abstract This paper takes a look at the world system theory, a sociological approach to international economic and political relations that seeks to explain the world dynamics of the capitalist economy as a total system. According to the paper, the world-system theory evolved as a relatively recent response to global capitalism. The paper goes on to review Immanuel Wallerstein's 'The Modern World System: Capitalist Agriculture and the Origins of the European World Economy in the Sixteenth Century'.
From the Paper "Core states were the primary beneficiaries of the new economic system. During the first period of the evolution of this multifaceted hierarchy of states, "much of northwestern Europe (England, France, Holland) developed as the first core region," because of these states' strong central governments, extensive bureaucracies, and large and powerful armies. (Halsall, 1997) Their level of armament enabled these states to obtain control over international commerce. Today, the parallels with these original core states are rather obvious--that of the United States most predominantly, Japan, the United Kingdom, and other powerful modern industrialized nations such as the European Community. While it is true that having a large standing army is not a feature of Japan, and the European Community is an economic conglomerate rather than a nation state, Wallerstien's theory is still quite applicable. Features of his systems theory may change, and military might may be relatively less important than economic infrastructures in the modern world, but the division of the world's states into a kind of international feudal hierarchy remains constant."
