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Economic Category: Economic Systems

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Economic Systems - Article

1. Apartheid

This article describes the apartheid system of South Africa and the economic foundations of that tortuous social structure. [Details...]

2. Cantillon's "Land Theory of Value"

General equilibrium theory, indeed much of economics itself, owes its existence to an Irishman who lived obscurely in 18th Century France by the name of Richard Cantillon. In his remarkable Essai sur la Nature du Commerce en Generale (published only in 1755, but written c.1732-1734), Cantillon sets out, perhaps for the first time, the vision of an "economy" as a set of interacting markets connected by a price system with balanced circular flows of income between agents. Cantillon's setting was the first great breakthrough in economic theory - for it provided the fundamental structural idea behind the concept of an "economy" which was to possess all subsequent economics - Physiocratic, Classical and Neoclassical. [Details...]

3. Capitalism

This article defines capitalism and explains how it came about and the ideologies associated with it. It also explains how the economic powers use capitalism and the purpose it serves today. [Details...]

4. Eastern Europe

This article describes how Eastern Europe is transforming its economic system by dismantling the remnants of the communist system and building market-oriented economies based on private ownership. [Details...]

5. Economic History of Hawai'i

The Hawaiian Islands are a cain of 132 islands, shoals, and reefs extending over 1,523 miles in the Northeast Pacific Ocean. This article gives a background of how Hawaii came to be inhabited, the unification of Hawaii and its population decline, the importance of sugar and immigration, and its economic integration with the United States. [Details...]

6. Economy of England at the Time of the Norman Conquest

The Domesday Survey of 1086 provides high quality and detailed information on the inputs, outputs and tax assessments of most English estates. This article describes how the data have been used to reconstruct the eleventh-century Domesday economy. By exploiting modern economic theory and statistical methods the reconstruction has led to a radically different assessment of the way in which the Domesday economy and fiscal system were organized. [Details...]

7. Fascism

This article explains Fascism using the best example in history of the regime of Italian dictator Benito Mussolini. [Details...]

8. Free Market

Free market is a summary term for an array of exchanges that take place in society. Each exchange is undertaken as a voluntary agreement between two people or between groups of people represented by agents. This article explains how people exchange in order to benefit themselves. [Details...]

9. Japanese Industrialization and Economic Growth

This article explains Japan's development through industrialization through four distinctive features: the proto-industrial base, invesment-led growth, total factor productivity growth, and dualism. [Details...]

10. Labor Unions in the United States

This article explores the nature and development of labor unions in the United States. It reviews the growth and recent decline of the American labor movement and makes comparisons with the experience of foreign labor unions to clarify particular aspects of the history of labor unions in the United States. [Details...]

11. Monetary Unions

This article defines monetary unions, discusses its advantages and disadvantages, explains its history in the nineteenth century, and gives examples of success stories. [Details...]

12. Money and Finance in the Confederate States of America

This article discusses money and finance in the Confederate States of America by focusing on revenue sources, inflation, and debt operations abroad. [Details...]

13. Money in the American Colonies

This article explores money in the American Colonies by examining the various means of payments as well as describing controveries of the time. [Details...]

14. Perestroika

This article describes the events leading up to Gorbachev's Perestroika, or restructuring, of the economic structure of Russia and his plans for implementation. [Details...]

15. Property Rights

A property right is the exclusive authority to determine how a resource is used, whether that resource is owned by government or individuals. This article explains property rights further by discussing the three basic elements of private property. [Details...]

16. Socialism

Socialism- defined as a centrally planned economy in which the government controls all means of production- was the tragic failure of the twentieth century. This article discusses the birth of socialist planning, the problems that emerged as a result of socialism, and socialist planning in Western eyes. [Details...]

17. The Economic History of Indonesia

This article begins with some basic facts, discusses important aspects of Indonesian economic history, and gives a chronology of that history. [Details...]

18. The Economic History of Korea

This article discusses the economic history of Korea with respect to three distinct periods: 1) the period of Malthusian stagnation up to 1910, when Japan annexed Korea; 2) the colonial period from 1910-45, when the country embarked upon modern economic growth; and 3) the post colonial decades, when living standards improved rapidly in South Korea, while North Korea returned to the world of disease and starvation. [Details...]

19. The Economy of Ancient Greece

This article will set out the types of evidence available for studying the Greek economy, to describe briefly the long-running debate about the ancient Greek economy and the most widely accepted model of it, and to present a basic view of the various sectors of the ancient Greek economy during the three major phases of its history. [Details...]

20. The Protestant Ethic Thesis

This article summarizes German sociologist Max Weber's formulation, considers criticisms of Weber's thesis, and reviews evidence of linkages between cultural values and economic growth. [Details...]

Economic Systems - Web Site

21. Enterprise Restructuring in the former Soviet Union

Citizens of the countries of the former Soviet Union (FSU) have recognized the potential benefits, observed in many different cultures and societies around the world, of private, market-driven enterprises. For more than half a century enterprises in the FSU have been subject to comprehensive state ownership and central planning. Prices and financing were typically of little concern to enterprise management, while workers did not have to worry about job security and received a wide range of social benefits through enterprises. While moving toward private, market-driven enterprises offers great promise for an improved standard of living for the average person, such a transition represents a fundamental social, psychological, and economic challenge. [Details...]

22. Unemployment in Eastern and Central Europe

Unemployment, once unknown and illegal in the formerly communist regimes in eastern and central Europe, has become a significant social and economic phenomenon. The rise in unemployment rates has been large but varied across countries. The transition from centrally planned economies to market-oriented economies has produced significant reductions in employment in the state sector as consumer-driven incentives begin to influence industrial structure. Reductions in employment in the state sector were partially offset by reductions in labor force particpation. Differences in the decline in labor force participation among countries led to significant differences in the relationship between unemployment growth and contraction in employment. However, the decline in labor force participation seems to be concentrated in the early stages of the transition, and in the future declining labor force participation is not likely to play as significant a role in dampening the growth of unemployment. [Details...]

Economic Systems - Course lecture

23. 5 Key Economic Questions Society Must Answer


24. Basic Characteristics of Capitalism

Discussion on capitalism, Adam Smith, private property, competitive markets, and the circular flow. [Details...]

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