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The Range of Economic Systems

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Published: Mon, 5 Dec 2016

  • Jordan

  • Canada
  • Mexico
  • India
  • Mauritius
  • Philippines
  • Ethiopia
  • Cuba
  • Zimbabwe
  • Market
  • Economy
  • Command
  • Economy
  • Traditional
  • Economy

(Sir I placed these countries according to the year of 2003 to 2004 because the CGDP on that site you gave us would only go up to 2004. I tried my best to find countries that fit the traditional economy but not many do because everyone depends on technology and not previous traditions.)

COMMAND TO MARKET ECONOMY

Jordan: I placed Jordan in the position above because Jordan has a mixed economy. This country has both a market and command economy. However, the country is more involved in the command economy than the market economy in comparison to Canada and Mexico. Jordan’s CGDP is approximately 50.03%. Jordan is greatly dependant on the government for its economic growth. The government has a say in every decision that affects Jordan. For instance, the government controls Jordan’s education, they are trying to help the unemployed people and decrease poverty. The government puts an emphasis on housing projects, creating jobs and easing the life of all Jordanians. I believe Jordan has a market economy too because people with wealth have a sufficient control over resources, the way they are produced and who consumes them.

Canada: I placed Canada in between Jordan and Mexico because its CGDP is greater than Mexico and it has a mixed economy. The government and Canadians of Canada have an equal contribution to Canada’s economic state. The government renders many of Canada’s services such as health and education. However, the consumers are more involved with Canada’s economy because they are solely responsible for the choices they make. For instance, there are hundreds of grocery stores around Canada, but all of them have different rates for different products. If the government had a say in prices all stores would have to maintain equivalent prices. This is when the consumer’s choice comes in; the consumer is responsible for his/her own decision on where to buy their products. Therefore, the seller and the buyer are the only ones involved in a transaction.

Mexico: I placed Mexico closer to a market economy because unlike Jordan and Canada, the government is not involved in many decisions the country makes. This is shown through Mexico’s CGDP which is fairly close to Canada’s CGDP. The government in Mexico just gives Mexico an overview of their economy, while the people in Mexico are responsible for helping the economy. The private sector of Mexico controls modern and outmoded industries, agriculture and imports and exports of resources. Statistics have shown that private consumption has helped the growth of Mexico’s economy because it has increased employment and wages. Instead, of having the government do everything for you, people are giving themselves a chance to help Mexico grow.

MARKET TO TRADITIONAL ECONOMY

India: I believe India has a market based economy because the government isn’t really involved with the decisions. The economy is more about the connection between employers, employees and consumers. India’s workers focus on agriculture and industries to help increase economy. India is has a traditional economy because many regions in India focus on village farming, modern agriculture, and handicrafts to help the economy.

Mauritius: I placed Mauritius before Philippines because it seems to have a more market based economy than Philippines and is slightly losing its traditional economy compared to the Philippines. Mauritius was an undeveloped country, where everyone depended on sugar for money. In Mauritius everyone depended on the resources around them and what they had learned from their ancestors to make a living. However, later on Mauritius developed and today many people go to visit this place. Tourists help add to the economy because they have no place to live and have to choose a hotel to stay in. There are many economic activities that the people of Mauritius control such as, textile and apparel industry, tourism and financial services.

Philippines: I placed Philippines in between a market economy and a traditional economy, but closer to a market economy because Philippine’s is not fully developed like other countries in the world. Furthermore, the government does not have direct participation in economic activities concerning Philippines. The Philippines has traditionally been had a market economy (policy and practice wise). They are free to open production and market them anywhere in the country or resort to exportation. There is not one country that is fully traditional, the Philippines is slightly traditional in the way they make money. Some of the undeveloped regions in the Philippines make their money through forestry, fishing, and farming. These people reflect on the old-age traditions to adapt to the environment and sustain the economy.

COMMAND TO TRADITIONAL ECONOMY

Ethiopia: Ethiopia has a CGDP of 31.24, which is greater than all of the other countries CGDP I choose from this section. The Ethiopian government has controlled Ethiopia for several centuries. It is the only country in Africa that has nearly zero privatization. However, this negatively affects the economy because government control prevents growth in the agricultural sector of the country. Since, Ethiopia lacks agricultural resources it has to adhere to a traditional economy to obtain some of the require resources using what they were initially taught before the development of this country.

Cuba: While researching I found that Cuba has a emphasis on both traditional economy and command economy. There are many people in Cuba that trade or barter for survival. They use techniques that were used in the olden days to strategize ways to improve the economy. Furthermore, their government is clearly involved in their work. The government primarily makes the decisions about production, whether it is what is produced or how much to charge the government decides everything. However, Cuba has the poorest economy because of their government’s decisions. Further, its CGDP is 27.05, which is close to Ethiopia’s CGDP and higher than Zimbabwe’s CGDP.

Zimbabwe: Though Zimbabwe doesn’t have a high CGDP percentage compared to other countries is perfectly fits in between the command and traditional economy. As many of us hear from the news Zimbabwe’s is a very poorly developed country located in Africa. I believe their economy is a command economy because many Zimbabweans are facing starvation due to the high unemployment rate. Since many Zimbabweans don’t have strength to help their economy, they let the government make decisions and take responsibility for the resources. The government handles the manufacturing sector of this country. Moreover, The Zimbabwe Development Corporation helps invest the government’s funds to help the country in its current state. Lastly, since Zimbabwe is facing a financial crisis at the moment, many people depend on each other to get food, shelter, health treatment because they can’t afford to buy it.


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