What are the strenghts and weaknesses of each type of economic systems?
Answer:
Currently, there are broadly seven types of economic systems. First the more free enterprise, capitalist market economies with luxury political pastime of the rich and the poor as in the US.
Second, the restricted capitalism market economies that gives a certain measure of rights to workers to feel as great managers and the educated a feeling of being socially conscious, like Germany, France, Britain, etc.
Third, the pure Communist dictatorship like in North Korea.
Fourth, the ertwhile Communists regimes trying to take the benefit of free market and capitalistic structures like China.
Fifth, the oppressive socialist democracies of crony, muscle and corruption power backed political framework s in India, Sri Lanka, Brasil, Japan, Argentina, etc
Sixth, the military dictator ruled democracies like Pakistan.
Seventh, the Clergy controlled Islamic economies like in Iran...
Now, the common weakness of all these economic systems is the overbearing presence of the Govt. in economic life of the citizens. However this weakness varies in intensity with the least in the US, canda type and the maximum in North Korea, China, Iran, etc. The degree of Govt. presence is equally strong in India, Pakisthan and Argentina, Brasil, etc and highly oppressive for the citizens in general. Most European countries does not suffer from overbearing govt. as does India.
Strengths of these economies are as follows: Economies with military dictatorship and clergy controlled Islamic economies have a considerably high competititve advantage in the production of terrorists and generation of violence, especially targeted at the US, the UK, Euroe and India. They have very little scope to grow unless they grow in terrorism industry.
The communist countries like China. Korea are highly oppressive and their strength lies in maximisising economic growth thorough severely oppressive exploitation of labour/ workers (not surprising the US consumer gets the cheapest imports from China).
The strength of economies like India, Basil, Srilank, Argentina lies in the trade off the political regimes mak between oppressice corrution of various degrees and mor or less economic growth.
The UK and the Europe has great strength of capitalism, free market adusted downwards by the jealoost of the US by the pampered labor and business executives..
The strength of the US clearly lies in the innovativeness and progress that is yielded by economic freedom to people and the strong and sustainable growth of the various entertainment industries based on the political luxury of spreading democratic values and values of freedom to the the third World in Asia, Africa and South America.
A tree is known by the fruit it yieds. The standard of living of the average citizen is the fruit of the tree of economy. Here capitaisitic market economic systems beat all other systems by miles and multiples.
What economic systems are you referring to? There used to be two major types -- capitalism and communism. Except for N. Korea and Cuba, every country has adopted the capitalist system. It seems a waste of time to study the communist system anymore.
Capitalism - Efficient but unequal
Socialism - Equal but inefficient
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