The text explores different economic and political systems, each with its own set of advantages and disadvantages. Command economies are centrally controlled by the government, which can enhance industrial power and streamline society but often stifles innovation and restricts freedom, as seen in East Germany and North Korea.
Switzerland and Ireland were considered considered "free" in 2021
Extensive social protection
Market Inconsistency
Stable economy
Eliminates slavery
Political and economic ideology based on strong support for a market economy based on individual lines and private property in the means of production.
Mercantile System
France and Spain took part from 16th to the 18th century
It creates high levels of resentment.
There is always a risk of local raw materials and resources running out
It naturally reduces unemployment rates.
It encourages trade deficits for foreign nations.
Governments used their economies to augment state power at the expense of other countries.
Colonialism
Dutch, German and French settlers were examples
Heavy Taxation Imposition
Caused Constant Wars and Conflict
Restoration of Women’s Right
Improved Health and Care System
The policy or practice of acquiring full or partial political control over another country
Command
East Germany and North Korea are examples
It slows down innovative developments.
It restricts freedom
It streamlines the society and government
It boosts industrial power
Production, investment, prices, and incomes are determined centrally by a government.
Mixed
United Kingdom and Sweden are examples
Excessive Intervention by the Government
Limited Corporate Size
Equal Distribution of Control
Freedom for Private Enterprise to Thrive On Their Own
The combination of Free Market and Command economy
Free Market
Hong Kong and New Zealand are examples
Market failures
Dangers of Profit Motive
Freedom to innovate
Absence of Red Tape
Country without government intervention or regulation
Politics
socialism
Bangladesh and Guyana are examples
Welfare state can create disincentives to work
Higher tax reduces incentives to invest and work
More equal society
Reduced poverty
a political and economic system in which property and the means of production are owned in common, typically controlled by the state or government
Fascism
Hitler took part in fascism
Negative impact on economy
Limited freedom of speech and human rights
Straightforward decision making process
Improved welfare
System headed by a dictator in which the government controls business and labor and opposition is not permitted
Monarchy
Denmark and Saudi Arabia are examples
Unparalleled Power of the Monarch
Lack of diversity in Government
Increases Government savings
Faster decision making process
There is a Queen or a King controlling the state
Democracy
United States and Nigeria are examples
politicians lie to get votes
corruption issues
Participation in elections
Empowerment of people
Government by the people
Communism
China, Cuba and Laos are examples
Difficult to gain wealth
Currency issues
Avoid corporate monopolies
Lower unemployment rate
Everything is communally owned without economic classes
Dictatorship
South Korea and Laos are examples
Ruling by fear is a common action within
Nation becomes isolated
Cons
Take the lead on innovation
Provide effective responses during emergency situations
Pros
Form of government in which one person or a small group possesses absolute power without effective constitutional limitations
