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An economic system or œconomic system is a system
System

System is a set of interacting or interdependent entities, real or abstract, forming an integrated whole.The concept of an "integrated whole" can also be stated in terms of a system embodying a set of relationships which are differentiated from relationships of the set to other elements, and from relationships between an element of the se...
 that involves the production, distribution
Distribution (business)

Distribution is one of the four elements of marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user....
 and consumption
Consumption (economics)

Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to Production theory basics....
 of goods and services between the entities in a particular society
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
. It is the method used by society to produce and distribute goods and services. The economic system is composed of people
Person

The term person in common usage means an individual human being. In the fields of law, philosophy, medicine, and others, the term also has specialised context-specific meanings....
 and institutions, including their relationships to productive resources, such as through the convention
Convention (norm)

A convention is a set of agreement, stipulated or generally accepted standards, norm , norm or criterion, often taking the form of a Custom ....
 of property
Property

Property is any physical or virtual entity that is ownership by an individual or jointly by a group of individuals. An owner of property has the right to consumption, sell, Renting, mortgage, transfer and exchange his or her property....
. In a given economy, it is the systemic means by which problems of economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
 are addressed, such as the economic problem
Economic problem

The economic problem, sometimes called the fundamental economic problem, is one of the fundamental economic theory in the operation of any economy....
 of scarcity through allocation of finite productive resources.






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An economic system or œconomic system is a system
System

System is a set of interacting or interdependent entities, real or abstract, forming an integrated whole.The concept of an "integrated whole" can also be stated in terms of a system embodying a set of relationships which are differentiated from relationships of the set to other elements, and from relationships between an element of the se...
 that involves the production, distribution
Distribution (business)

Distribution is one of the four elements of marketing mix. An organization or set of organizations involved in the process of making a product or service available for use or consumption by a consumer or business user....
 and consumption
Consumption (economics)

Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to Production theory basics....
 of goods and services between the entities in a particular society
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
. It is the method used by society to produce and distribute goods and services. The economic system is composed of people
Person

The term person in common usage means an individual human being. In the fields of law, philosophy, medicine, and others, the term also has specialised context-specific meanings....
 and institutions, including their relationships to productive resources, such as through the convention
Convention (norm)

A convention is a set of agreement, stipulated or generally accepted standards, norm , norm or criterion, often taking the form of a Custom ....
 of property
Property

Property is any physical or virtual entity that is ownership by an individual or jointly by a group of individuals. An owner of property has the right to consumption, sell, Renting, mortgage, transfer and exchange his or her property....
. In a given economy, it is the systemic means by which problems of economics
Economics

File:Ballard Farmers' Market - vegetables.jpgEconomics is the Social sciences that studies the Production theory basics, Distribution , and Consumption of Good and Service ....
 are addressed, such as the economic problem
Economic problem

The economic problem, sometimes called the fundamental economic problem, is one of the fundamental economic theory in the operation of any economy....
 of scarcity through allocation of finite productive resources. Examples of contemporary economic systems include capitalist systems
Capitalism

Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
, socialist systems
Types of socialism

The word "socialism" has been used by many political movements throughout history to describe themselves or their goals, generating numerous types of socialism....
, and mixed economies. Economic systems is the economics category
JEL classification codes

Articles in :Category:Economics journals are usually classified according to the system used by the Journal of Economic Literature . The JEL is published quarterly by the American Economic Association and contains survey articles and information on recently published books and dissertations....
 that includes the study of respective systems.

Overview

An economic system is a set of methods and standards brought by which a society decides and organizes and the allocation
Allocation

Allocation may refer to:* Computers** Delayed allocation** Block allocation map** File allocation table** IP address allocation** Memory allocation...
 of economic resources. At one extreme, production is carried in a private-enterprise system such that all resources are privately owned. It was described by Adam Smith
Adam Smith

Adam Smith was a Scotland Ethics and a pioneer of political economy. One of the key figures of the Scottish Enlightenment, Smith is the author of The Theory of Moral Sentiments and The Wealth of Nations....
 as frequently promoting a social interest, although only a private interest was intended. Adam Smith's book, "The Wealth of Nations", changed the way people thought about economics, and is one of the most important books of the modern world. At the other extreme, following Karl Marx
Karl Marx

Karl Heinrich Marx was a Germanphilosophy, political economy, historian, sociologist, humanism, political theorist and revolutionary credited as the founder of communism....
 and Vladimir Lenin
Vladimir Lenin

Vladimir Ilyich Lenin , born Vladimir Ilyich Ulyanov and also known by the pseudonyms V.I. Lenin and N. Lenin, was a Russians revolutionary, a Bolshevik Communism politician, the principal leader of the October Revolution and the first head of the USSR....
 is what is commonly called, such that all resources are publicly owned with intent of minimizing inequalities of wealth among other social objectives.

Alternatively, 'economic system' refers to the organizational arrangements and process
Process

Process may refer to:Biology*Process , a projection or outgrowth of tissue from a larger body* Biological processScience and technnology*Process , a computer program or an instance of a program running concurrently with other programs...
 through which a society
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
 makes its production
Production

Production may be:In Economics:* Production, costs, and pricing, the act of making products * Production, the act of manufacturing goods* Production as statistic, gross domestic product...
 and consumption
Consumption (economics)

Consumption is a common concept in economics, and gives rise to derived concepts such as consumer debt. Generally consumption is defined by opposition to Production theory basics....
 decision
Decision

The term decision may refer to:* Decision, as the outcome of a legal case* Decision , a statistical credit earned by a baseball pitcher.* Decision making...
s. In creating and modifying its economic system, each society chooses among alternative objectives and alternative decision modes. Many objectives may be seen as desirable, like efficiency, growth
Growth

Growth refers to an increase in some quantity over time. The quantity can be physical or abstract . It can also refer to the mode of growth, i.e....
, liberty
Liberty

Liberty, the freedom to act or believe without being stopped by unnecessary force, is generally considered in modern time to be a concept of political philosophy and identifies the condition in which an individual has the right to act according to his or her own free will....
, and equality
Equality of outcome

Equality of outcome or equality of condition is a form of egalitarianism which seeks to reduce or eliminate differences in material condition between individuals or households in a society....
.

Part of a social system An economic system can be considered a part of the social system and hierarchically equal to the law system, political system
Political system

A political system is a system of politics and government. It is usually compared to the law system, economic system, cultural system, and other social systems....
, cultural, etc. There is often a strong correlation between certain ideologies
Ideology

An ideology is a set of aims and ideas, especially in politics. An ideology can be thought of as a comprehensive vision, as a way of looking at things , as in common sense and several philosophical tendencies , or a set of ideas proposed by the dominant class of a society to all members of this society....
, political system
Political system

A political system is a system of politics and government. It is usually compared to the law system, economic system, cultural system, and other social systems....
s and certain economic systems (for example, consider the meanings of the term "communism
Communism

Communism is a socioeconomic structure and political ideology that promotes the establishment of an egalitarianism, classlessness, stateless society based on common ownership and control of the means of production and property in general....
"). Many economic systems overlap each other in various areas (for example, the term "mixed economy
Mixed economy

A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism....
" can be argued to include elements from various systems). There are also various mutually exclusive hierarchical categorizations.

Basic types Economic systems The basic and general economic systems are:

  • Market economy
    Market economy

    A market economy is a social system based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand....
     (the basis for several "hands off" systems, such as capitalism
    Capitalism

    Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
    ).
  • Mixed economy
    Mixed economy

    A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism....
     (a compromise economic system that incorporates some aspects of the market approach as well as some aspects of the planned approach).
  • Planned economy
    Planned economy

    A planned economy or directed economy is an economic system in which the government or workers' councils manages the economy. It is an economic system in which the central government makes all decisions on the production and consumption of goods and services....
     (the basis for several "hands on" systems, such as socialism
    Socialism

    Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation....
    , or a command economy).
  • Traditional economy
    Traditional economy

    A traditional economy is an economic system in which resources are allocation of resources by inheritance, and which has a strong social network and is based on primitive methods and tools....
     (a generic term for the oldest and traditional economic systems)
  • Participatory economics
    Participatory economics

    Participatory economics, often abbreviated parecon, is a proposed economic system that uses participation as an economics to guide the production, consumption and allocation of factors of production in a given society....
     (a recent proposal for a new economic system)
  • Inclusive Democracy
    Inclusive Democracy

    Inclusive Democracy is a political theory and political project that aim for direct democracy, economic democracy in a stateless society, moneyless and marketless economy, self-management and ecological democracy....
     (a project for a new political and economic system)


There are several basic and unfinished questions that must be answered in order to resolve the problems of economics satisfactorily. The scarcity problem, for example, requires answers to basic questions, such as: what to produce, how to produce it, and who gets what is produced. An economic system is a way of answering these basic questions, and different economic systems answer them differently.

Division of economic systems

Typically, "hands-on" economic systems involve a greater role for society
Society

A society is a group of humans characterized by patterns of relationships between individuals that share a distinctive culture and/or institutions....
 and/or the government
Government

Government is the body within any organization that has the authority to make and the power to enforce laws, regulations, or rules. Typically, the government refers to a civil government -- local, provincial, or national -- but commercial, academic, religious, or other formal organizations are also administered by governing bodies....
 to determine what gets produced, how it gets produced, and who gets the produced goods and services, with the stated aim of ensuring social justice
Social justice

Social justice, sometimes called civil justice, refers to the concept of a society in which justice is achieved in every aspect of society, rather than merely the administration of law....
 and a more equitable distribution of wealth
Wealth

Wealth is an abundance of valuable material possessions or resources. The word is derived from the old English wela, which is from an Indo-European word stem....
 (see welfare state
Welfare State

The Welfare State of the United Kingdom was prefigured in the William Beveridge Report in 1942, which identified five "Giant Evils" in society: squalor, ignorance, want, idleness and disease....
). Meanwhile, "hands-off" economic systems give more power to private individuals (and perhaps corporations) to make those decisions, rather than leaving them up to society as a whole, and often limit government involvement in the economy. Often the primary concern of "hands-on" economic systems are usually egalitarianism
Egalitarianism

Egalitarianism or Equalism is a political doctrine that holds that all people should be treated as equals and have the same political freedom, economic freedom, social justice, and civil rights rights....
, while the primary concern of "hands-off" economic systems is usually private property. Libertarians target individual economic freedom
Economic freedom

Economic freedom is a controversy term used in economic research and policy debates. As with Freedom generally, there are various definitions, but no universally accepted concept of economic freedom....
 as a primary goal of their "hands-off" policies, though in general, most types of economic systems claim that their system of economic organization is either most efficient or socially effective. The following list divides the main economic systems into "hands-on" and "hands-off," it attempts to structure the systems in a given section by alphabetical order and in a vertical hierarchy where possible.

"Hands on" systems


"Hands-on" Private-oriented Systems
A system in which large privately-owned entities control or direct the economy in their favor, or in which private shareholders invest in and own enterprises that are operated by the state or by employee cooperatives.
  • Fascist Economics
    Economics of fascism

    The economics of fascism refers to the economic policies implemented by Fascism governments. Fascism is an Authoritarianism, Nationalism and Corporatism ideology, but there is no single established definition of fascism....
    • State Corporatism
      Corporatism

      Corporatism is a political culture in which adherents believe that the basic unit of the society is some corporate group, rather than the individual....
  • Capitalism
    Capitalism

    Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
    • State Capitalism
      State capitalism

      State capitalism, for Marxism and heterodox economics is a way to describe a society wherein the productive forces are owned and run by the state in a capitalist way, even if such a state calls itself socialist....


"Hands-on" State-oriented Systems
Economic systems in which the state directs or controls economic activity.
  • Communism
    Communism

    Communism is a socioeconomic structure and political ideology that promotes the establishment of an egalitarianism, classlessness, stateless society based on common ownership and control of the means of production and property in general....
  • Socialism
    Socialism

    Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation....
    • State socialism
      State socialism

      State socialism, broadly speaking, is any variety of socialism which relies on control of the means of production by the state, either through state ownership or regulation....
    • Market socialism
      Market socialism

      Market socialism refers to various economic systems in which the government owns the economic institutions or major industries but operates them according to the rules of supply and demand....
  • Feudalism
    Feudalism

    Feudalism, a term first used in the early modern period , in its most classic sense refers to a Middle Ages European political system composed of a set of reciprocal law and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals, and fiefs....
  • Mercantilism
    Mercantilism

    Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of Capital , and that the world economy of international trade is "unchangeable"....
  • National Economy Model Haydarizm


"Hands-on" Communal-oriented Systems
Economic systems in which a collective, such as a commune or cooperative directs or plans large-scale economic activity.

  • Communism
    Communism

    Communism is a socioeconomic structure and political ideology that promotes the establishment of an egalitarianism, classlessness, stateless society based on common ownership and control of the means of production and property in general....
    • Anarcho-communism
      Anarchist communism

      Anarchist communism advocates the abolition of the state, private property and capitalism in favor of common ownership of the means of production, direct democracy and a horizontal network of voluntary associations, workers' councils and/or a gift economy through which everyone will be free to satisfy their needs....
       (a form of libertarian socialism)
  • Socialism
    Socialism

    Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation....
    • Libertarian socialism
      Libertarian socialism

      Libertarian socialism is a group of political philosophy that aspire to to create a society without political, economic, or social hierarchies, i.e....
    • Democratic Socialism
      Democratic socialism

      Democratic socialism is a description used by various socialism movements, tendencies, and organizations, to emphasize the democratic character of their political orientation....
       (a form of socialism in which enterprises are managed democratically by workers but are owned by the state)
    • Participatory Economics
      Participatory economics

      Participatory economics, often abbreviated parecon, is a proposed economic system that uses participation as an economics to guide the production, consumption and allocation of factors of production in a given society....


"Hands off" systems


"Hands-off" Private-oriented Systems
Economic systems in which the economy is controlled by privately in a usually decentralized fashion and operated based on market principles.
  • Capitalism
    Capitalism

    Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
    • Anarcho-capitalism
      Anarcho-capitalism

      Anarcho-capitalism , usually regarded to be an individualist anarchism political philosophy, advocates the elimination of the state and the elevation of the sovereign individual in a free market....
    • Laissez-faire capitalism
      Laissez-faire

      Laissez-faire is a term used to describe a policy of allowing events to take their own course. The term is a French language phrase literally meaning "let do"....
    • Corporate capitalism
      Corporate capitalism

      Corporate capitalism is a term used in social science and economics to describe a capitalist marketplace characterized by hierarchical, bureaucratic organizations which are legally required to pursue profit....
  • Gift economy
    Gift economy

    In the social sciences, a gift economy is a society where valuable goods and services are regularly given without any explicit agreement for immediate or future rewards ....
  • Mutualism
    Mutualism (economic theory)

    Mutualism is an anarchist school of thought which can be traced to the writings of Pierre-Joseph Proudhon, who envisioned a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market....
     (a form of libertarian socialism)


"Hands-off" State-oriented Systems
Economic systems in which the state runs, owns and/or manages its own resources and businesses in a free-market economy with minimal regulation.
  • Socialism
    Socialism

    Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation....
    • Socialist market economy
      Socialist market economy

      A socialist market economy is an economic form that is practiced in the People's Republic of China, where it is called socialism with Chinese characteristics, as well as in Vietnam....
    • Various socialist proposals in which the means of production are owned and operated by the state in a free-market system with no government regulation


"Hands-off" Communal-oriented Systems
Economic systems that are characterized by decentralized cooperative or collective ownership that operate in market economies or decentralized, collectively-planned economies.
  • Anarchist economics
    Anarchist economics

    Anarchist economics is the set of theories and practices of economics activity within the political philosophy of anarchism. Anti-capitalist anarchists primarily oppose capitalism because they claim that its characteristic institutions promote and reproduce various forms of economic activity which they consider oppressive, including private...
    • Syndicalism
      Syndicalism

      Syndicalism is a type of movement which aims to degrade Capitalism societies through action by the working class on the industrial front. For syndicalists, trade unions are the potential means both of overcoming capitalism and of running society in the interests of the majority....
    • Participatory planning
      Participatory planning

      Participatory planning is an urban planning paradigm which emphasizes involving the entire community in the strategic and management processes of urban planning or community-level planning processes, urban or rural....
    • Inclusive Democracy
      Inclusive Democracy

      Inclusive Democracy is a political theory and political project that aim for direct democracy, economic democracy in a stateless society, moneyless and marketless economy, self-management and ecological democracy....
       (a project for a new political and economic system based on democratic principles and libertarian socialism)
  • Mutualism
    Mutualism (economic theory)

    Mutualism is an anarchist school of thought which can be traced to the writings of Pierre-Joseph Proudhon, who envisioned a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market....
     (a form of libertarian socialism)
  • Non-property system
    Non-property System

    A Non-property system is an economic system in which there is no concept of property. No individual or group is given superior rights to control any particular Resource ....


"Compromise" Mixed systems

Economic systems that contain substantial state, private and sometimes cooperative ownership and operated in mixed economies - i.e, ones that contain substantial amounts of both market activity and economic planning.
  • Distributism
    Distributism

    Distributism, also known as distributionism and distributivism, is a Third Way economics philosophy formulated by such Roman Catholic thinkers as G....
  • Georgism
    Georgism

    Georgism, named after Henry George is a philosophy and economics that holds that everyone owns what they create, but that everything found in nature, most importantly land , belongs equally to all humanity....
  • Mixed economy
    Mixed economy

    A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism....
    • American School
      American School (economics)

      The American School, also known as "National System", represents three different yet related constructs in politics, policy and philosophy....
    • Dirigisme
      Dirigisme

      Dirigisme is an economic term designating an economy where the Form of government exerts strong directive influence.While the term has occasionally been applied to centrally planned economy, where the government effectively controls production and allocation of resources , it originally had neither of these meanings when applied to France...
    • Nordic model
      Nordic model

      The Nordic model refers to the economic and social models of the Nordic countries . This particular adaptation of the mixed market economy is characterized by more generous welfare states , which are aimed specifically at enhancing individual autonomy, ensuring the universal provision of basic human rights and stabilizing the economy....
    • Japanese System
      Japanese post-war economic miracle

      Japanese post-war economic miracle is the name given to the history phenomenon of Japan record period of economic growth following World War II, spurred partly by United States investment but mainly by Japanese government economic interventionism in particular through their Ministry of International Trade and Industry....
    • Mercantilism
      Mercantilism

      Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of Capital , and that the world economy of international trade is "unchangeable"....
    • Social market economy
      Social market economy

      The social market economy was the main Economic system used in Western Europe and Northern Europe during the Cold War era. It originated in West Germany, and it is known as Soziale Marktwirtschaft in German language....
       also known as Soziale Marktwirtschaft
    • PROUT
      PROUT

      Progressive Utilization Theory or PROUT is a socio-economic theory developed in 1959 by Indian philosopher and spiritual leader Prabhat Rainjan Sarkar , as an alternative global economic model based on his neo-humanist spiritual philosophies, and which he claimed would eventually replace both capitalism and communism....
       also known as Progressive Utilization Theory
    • Indicative Planning
      Indicative planning

      Indicative planning is a form of fascism implemented by a state in an effort to cause imperfect information in economy and thus decrease economic performance....
       also known as a planned market economy


List of economic systems by Name


An etymologist's approach to economic systems, this list attempts to sort all possible economic systems in alphabetical order, without any division or hierarchization.

  • American School
    American School (economics)

    The American School, also known as "National System", represents three different yet related constructs in politics, policy and philosophy....
  • Anarchism
    Anarchism

    Anarchism is a political philosophy encompassing anarchist schools of thought which consider the state to be unnecessary, harmful, and/or undesirable....
  • Anarcho-capitalism
    Anarcho-capitalism

    Anarcho-capitalism , usually regarded to be an individualist anarchism political philosophy, advocates the elimination of the state and the elevation of the sovereign individual in a free market....
  • Anarcho-communism
  • Autarky
    Autarky

    An autarky is an Economics that is Self-sufficiency and does not take part in international trade, or severely limits trade with the outside world....
  • Barter economy
  • Buddhist Economy
  • Capitalism
    Capitalism

    Capitalism is an economic system in which wealth, and the means of producing wealth, are private property and controlled rather than commonly, publicly, or state-owned and controlled....
  • Colonialism
    Colonialism

    Colonialism is the extension of a nation's sovereignty over Territory beyond its borders by the establishment of either settler or exploitation colony in which Indigenous people populations are direct rule, Population transfers, or Genocide....
  • Communism
    Communism

    Communism is a socioeconomic structure and political ideology that promotes the establishment of an egalitarianism, classlessness, stateless society based on common ownership and control of the means of production and property in general....
  • Coordinatorism
    Coordinatorism

    Coordinatorism is a termed coined by Michael Albert and Robin Hahnel to describe an economic system in which control is held neither by people who own Capital , nor by proletariat, but instead is held by an intervening class of coordinators, typically in the roles of managers, administrators, engineers, university intellectuals, doctors,...
  • Corporatism
    Corporatism

    Corporatism is a political culture in which adherents believe that the basic unit of the society is some corporate group, rather than the individual....
  • Corporate capitalism
    Corporate capitalism

    Corporate capitalism is a term used in social science and economics to describe a capitalist marketplace characterized by hierarchical, bureaucratic organizations which are legally required to pursue profit....
  • Digital Economy
    Digital economy

    A digital economy is an economy that is based on electronic goods and services produced by an electronic business and traded through electronic commerce....
  • Distributism
    Distributism

    Distributism, also known as distributionism and distributivism, is a Third Way economics philosophy formulated by such Roman Catholic thinkers as G....
  • Dirigisme
    Dirigisme

    Dirigisme is an economic term designating an economy where the Form of government exerts strong directive influence.While the term has occasionally been applied to centrally planned economy, where the government effectively controls production and allocation of resources , it originally had neither of these meanings when applied to France...
  • Fascist socialization
    Fascist socialization

    The Congress of Verona in November 1943 was the only congress of the Italy National Fascist Party, the successor of the National Fascist Party. At the time, the Republican Fascist Party was nominally in charge of the Salo Republic, a small fascist state set up in Northern Italy after the Allies of World War II entered Rome....
  • Feudalism
    Feudalism

    Feudalism, a term first used in the early modern period , in its most classic sense refers to a Middle Ages European political system composed of a set of reciprocal law and military obligations among the warrior nobility, revolving around the three key concepts of lords, vassals, and fiefs....


  • Green economy
    Green economy

    Green' economy is a fast growing new economic development model in contrast to the existing 'black' economic model based on fossil fuels, such as coal, petroleum, and natural gas....
  • Hydraulic despotism
  • Inclusive Democracy
    Inclusive Democracy

    Inclusive Democracy is a political theory and political project that aim for direct democracy, economic democracy in a stateless society, moneyless and marketless economy, self-management and ecological democracy....
  • Information economy
    Information economy

    Information economy is a defined term that an Economics with an increased emphasis on informational activities and information industry.The vagueness of the term has three major sources....
  • Internet Economy
    Internet Economy

    The Internet Economy refers to conducting business through markets whose infrastructure is based on the Internet and World-Wide Web. An Internet economy differs from a traditional economy in a number of ways, including: communication, market segmentation, distribution costs, and price....
  • Islamic economics
    Islamic economics

    Islamic economics is economics in accordance with Sharia. Islamic economics can refer to the application of Islamic law to economic activity either where Islamic rule is in force or where it is not; i.e....
  • Japanese System
    Japanese post-war economic miracle

    Japanese post-war economic miracle is the name given to the history phenomenon of Japan record period of economic growth following World War II, spurred partly by United States investment but mainly by Japanese government economic interventionism in particular through their Ministry of International Trade and Industry....
  • Knowledge Economy
    Knowledge economy

    The knowledge economy is a term that refers either to an economy of knowledge focused on the production and management of knowledge in the frame of economy constraints, or to a knowledge-based economy....
  • Libertarian communism
  • Libertarian socialism
    Libertarian socialism

    Libertarian socialism is a group of political philosophy that aspire to to create a society without political, economic, or social hierarchies, i.e....
  • Market economy
    Market economy

    A market economy is a social system based on the division of labor in which the prices of goods and services are determined in a free price system set by supply and demand....
  • Market socialism
    Market socialism

    Market socialism refers to various economic systems in which the government owns the economic institutions or major industries but operates them according to the rules of supply and demand....
  • Marxian economics
    Marxian economics

    Marxian economics are Economics theories based on the works of Karl Marx. Adherents of Marxian economics, particularly in academia, distinguish it from Marxism as a political ideology, arguing that Marx's approach to understanding the economy is intellectually independent of his advocacy of revolutionary socialism or his belief in the inevita...
  • Mercantilism
    Mercantilism

    Mercantilism is an economic theory that holds that the prosperity of a nation is dependent upon its supply of Capital , and that the world economy of international trade is "unchangeable"....
  • Mixed economy
    Mixed economy

    A mixed economy is an economic system that incorporates a mixture of private and government ownership or control, or a mixture of capitalism and socialism....
  • Mutualism
    Mutualism (economic theory)

    Mutualism is an anarchist school of thought which can be traced to the writings of Pierre-Joseph Proudhon, who envisioned a society where each person might possess a means of production, either individually or collectively, with trade representing equivalent amounts of labor in the free market....
  • National Socialism
    Economy of Nazi Germany

    The economy of Nazi Germany during the Hitler era developed a hothouse prosperity, supported with high government subsidies to those sectors that Hitler favored because they gave Nazi Germany military power and economic autarky, that is, economic independence from the global economy....


  • National Economy Model(Haydarism)
  • Natural economy
    Natural economy

    Natural economy refers to a type of economy in which money is not used in the transfer of resources among people. It is a system that instead uses the exchange of goods and services through direct bartering or trade....
  • Neo-colonialism
  • Network Economy
    Network Economy

    One term used to describe the emerging economic order within the information society is the Network economy. This stems from a key attribute - products and services are created and value is added through social networks operating on large or global scales....
  • Nordic model
    Nordic model

    The Nordic model refers to the economic and social models of the Nordic countries . This particular adaptation of the mixed market economy is characterized by more generous welfare states , which are aimed specifically at enhancing individual autonomy, ensuring the universal provision of basic human rights and stabilizing the economy....
  • Non-property system
    Non-property System

    A Non-property system is an economic system in which there is no concept of property. No individual or group is given superior rights to control any particular Resource ....
  • Parecon
  • Participatory economy
  • Planned economy
    Planned economy

    A planned economy or directed economy is an economic system in which the government or workers' councils manages the economy. It is an economic system in which the central government makes all decisions on the production and consumption of goods and services....
  • Progressive Utilization Theory
    PROUT

    Progressive Utilization Theory or PROUT is a socio-economic theory developed in 1959 by Indian philosopher and spiritual leader Prabhat Rainjan Sarkar , as an alternative global economic model based on his neo-humanist spiritual philosophies, and which he claimed would eventually replace both capitalism and communism....
  • Resource based economy
    Jacque Fresco

    Jacque Fresco is an industrial designer, author, lecturer, futurist, inventor, and a pioneer in the field of Human_factors#Human_Factors_Engineering_, based in Venus, Florida, USA....
  • Self-management
  • Social market economy
    Social market economy

    The social market economy was the main Economic system used in Western Europe and Northern Europe during the Cold War era. It originated in West Germany, and it is known as Soziale Marktwirtschaft in German language....
  • Socialism
    Socialism

    Socialism refers to a broad set of economic theories of social organization advocating public or state ownership and administration of the means of production and distribution of goods, and a society characterized by equality for all individuals, with a fair or Egalitarianism method of compensation....
  • Socialist market economy
    Socialist market economy

    A socialist market economy is an economic form that is practiced in the People's Republic of China, where it is called socialism with Chinese characteristics, as well as in Vietnam....
  • Subsistence economy
    Subsistence economy

    A subsistence economy is an economy in which a group attempts to produce no more output per period than they must consume in that period in order to survive, but do not attempt to accumulate wealth or to transfer productivity from one period to the next....
  • Traditional economy
    Traditional economy

    A traditional economy is an economic system in which resources are allocation of resources by inheritance, and which has a strong social network and is based on primitive methods and tools....
  • Virtual economy
    Virtual economy

    A virtual economy is an emergence economics existing in a virtual world, usually exchanging virtual goods in the context of an Internet game. People enter these virtual economies for recreation and entertainment rather than necessity, which means that virtual economies lack the aspects of a real economy that are not considered to be "fun" ....


See also

  • Economy
  • History of economic thought
    History of economic thought

    The history of economic thought deals with different thinkers and theories in the field of political economy and economics from the ancient world to the present day....
  • Political economy
    Political economy

    Political economy originally was the term for studying production, buying and selling, and their relations with law, custom, and government. Political economy originated in moral philosophy....
  • Economic ideology
    Economic ideology

    An economic ideology discerns itself from a pure economic theory because it is Normative economics rather than just explanatory in its approach....


Further reading

  • Richard Bonney (1995), Economic Systems and State Finance, 680 pp.
  • David W. Conklin (1991), Comparative Economic Systems, Cambridge University Press, 427 pp.
  • George Sylvester Counts (1970), Bolshevism, Fascism, and Capitalism: An Account of the Three Economic Systems.
  • Robert L. Heilbroner and Peter J. Boettke (2007). "Economic Systems". The New Encyclopædia Britannica, v. 17, pp. 908-15.
  • Harold Glenn Moulton, Financial Organization and the Economic System, 515 pp.
  • Jacques Jacobus Polak (2003), An International Economic System, 179 pp.
  • Frederic L. Pryor (1996), Economic Evolution and Structure: 384 pp.
  • Frederic L. Pryor (2005), Economic Systems of Foraging, Agricultural, and Industrial Societies, 332 pp.
  • Graeme Donald Snooks, Global Transition: A General Theory, PalgraveMacmillan, 1999, 395 pp. gfhyj'


External links

  • , a refereed journal for the analysis of market and non-market solution, by Elsevier since 2001.
  • by WebEc, 2007.