economic system


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economic system

a mechanism for tackling the twin problems of SCARCITY and CHOICE. Because economic resources are limited relative to society's demand for goods and services, some means of allocating resources between alternative ends is required. In the modem world, three basic allocative mechanisms perform this function: PRIVATE ENTERPRISE ECONOMY, in which resources are allocated through markets; CENTRALLY PLANNED ECONOMY, in which resources are all allocated by the state; MIXED ECONOMY, in which resources are allocated both by the market and by the state. See NATIONALIZATION, PRIVATIZATION.
Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
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'Interest' is the heart of all economic systems. It is only Karl Marx who did away with interest.
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Keywords: Economic development, globalization, Long March, Great Famine, Open Door Policy, Great Leap Forward, Marxism, Chinese Imperialism, Lysenkoism, Chinese Economic System, Great Sparrow Campaign
Chinese Economy under Mao Zedong and Deng Xiaoping
Among them are a contribution to the critique of Karl Marx's economic system (1894), the prehistory of Marxian economics (1911-12), on the history of the theory of value (1903), the psychological tendency in recent political economy (1892), and the dialectical development of categories in Marx's economic system (1929).
Responses to Marx's Capital: From Rudolf Hilferding to Isaak Illich Rubin
This paper discusses the economic reforms and the resulting economic system of the Baltic states and seeks to explain the choices of the countries.
The Choice of Reforms and Economic System in the Baltic States

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