The Economic Systems :: economic systems within overall umbrella word economy one speaks today market formal informal underground productive perhaps even reproductive post industrial modern global thus while concept fixed arbitrary may strayed rather far management household resources nonetheless spoken official circles genuine agreement sometimes almost tangible must get back track paradigm operative canada Economics Economy Essays The Economic Systems

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The Economic Systems

Within the overall umbrella of the word "economy", one speaks today of the market economy, the formal economy, the informal economy, the underground economy, the productive economy and perhaps even the reproductive economy, the post-industrial or post-modern economy and the global economy.
Thus while the concept of an economy is not fixed but arbitrary, and may have strayed rather far from the management of household resources, it is nonetheless spoken of in official circles as if there were genuine agreement (sometimes almost as if it were tangible, as "we must get the economy back on track"). The official economic paradigm operative in Canada is that of the market economy -- or the formal economy. This is what is being measured, analysed and reported on.
An economy is said to work within a framework reflecting the values of the society in which it is embedded. Traditionally, three models of an economy have been used: the traditional or feudal, the command economy (where the state determines resource decisions) and the market economy which is the model in use in USA and in most industrialized Western countries. Indeed, even within the market economy, there are different models; for example, the Scandinavian model of social democracy, the Asian corporatist mode, and the capitalist model of North America. Each model has been seen and judged both from inside and outside its parameters.
Individual freedom is one of the hallmarks of the market economy... [to view the full essay now, purchase below]

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