Economic Systems and the Rise of New World Powers
Classified in Geography
Written on in English with a size of 2.35 KB
Economic Systems of the World
Subsistence System
- Based on the primary sector, families produce what they consume in small quantities. If necessary, they sell or exchange goods on the local market.
- Prevalent before the Industrial Revolution.
- Today, it is only found in less developed societies due to limited access to technology.
Communist System
- The state controls the economy, owning companies and deciding production (what and quantity), prices, distribution of profits, etc.
- Previously common, it is now used in Cuba, Laos, North Korea, Vietnam, and China.
- The Chinese system is a hybrid between communism and capitalism.
Capitalist System
- Means of production are privately owned (technology, companies, machinery, etc.). The motivation to make a profit drives