Econ 330

Cold War

The aftermath of this war lead to the U.S. becoming a “role model” for other countries according to Francis Fukuyama

What are the U.S.’s two economic problems?

Poverty and inequality

What countries are part of BRICS?

Brazil, Russia, India, China, South Africa

When China fell what countries fell with it?

Brazil and South Africa

Arab Spring

Third alternative to capitalism and socialism

New traditional economy

Combination of Confucianism and Hinduism

Japan and Western Europe

Areas of the world which resist the U.S.’ influence

North Korea and Cuba

Closest forms of pure socialism

Closest countries to central planning

Belarus and Turkmenistan

Profit sharing share economy

A system that has influence on all countries

Economy

People who are located within a political entity that have particular geographical characteristics and are producing and consuming good and services

Economy functions based on…?

Rules, customs, and laws

Economies are compared based on…?

Rules, customs, and laws

Frameworks for classifying economic systems

Allocation mechanisms, forms of ownership, role of planning, types of incentives, method of income redistribution, and nature of social safety nets

The two most important in classifying economic systems

Allocation mechanisms and forms of ownership

The basic allocation mechanisms

Traditional, market, and command

Traditional economy allocation depends on

Custom or what has been done in the past (religion)