Autarky in economics can be thought of as an extreme form of economic protectionism and nationalism. This involves economic independence from other countries wherein a country employs to survive or thrive on its own and grows to a level of self-sufficiency. The concept of autarky in economics may be rare … Read more
Historically, the traditional economy is significant because it marks the evolution of the market economy, being that every nation developed from some type of traditional economy. Contemporarily though, there are several traditional economy examples of societies in recent times that allow traditions to dictate the way goods are produced and … Read more
Common examples of countries with traditional economy include Bhutan, Haiti, and Papua New Guinea. The traditional economy is the oldest economic system known to man. It is a system in which individuals rely on trade by barter rather than the use of money to purchase the goods that they need. … Read more
Traditional economy advantages range from cultural preservation to the development of a highly skilled workforce in the various aspects that make up the economy. A traditional economy is one that all other economic systems such as free market, command, and mixed economies arose from. Hence it is considered the most … Read more
Just like every other economic system, the socialist economy has several disadvantages and advantages. In the following sections, we will see the advantages of socialist economy and its impact on society. See also: What is one way a command economy affects the lives of private citizens? In the socialist economic … Read more
All types of economies have their drawbacks and benefits; we will discuss the disadvantages of a socialist economy and its limitations as well as its impact on society. Where necessary, we will look at some criticisms associated with this socialist economic model that promotes government control and distribution of resources. … Read more
Every economy in existence operates a particular economic system. There are basically 3 economic systems which include; a command economy in which a central authority owns and controls the economy, a free market economy where economic activities are governed by market forces of demand and supply, and a mixed economy … Read more
Which nation has a command economy? Quite a number of nations have had a command economy in the past including the People’s Republic of China and the Union of Soviet Socialist Republics (USSR) which are the most commonly cited examples of countries that had a command economy. These nations operated … Read more
All the countries in existence do operate an economic system that guides how economic activities are carried out within them. Some examples of these economic systems include traditional, mixed, command, and market economies. Each of these systems has peculiar advantages and disadvantages and in this article, we shall discuss the … Read more
Does socialism work? Socialists believe that the resources available in any given society at any point in time should be beneficial to the whole society and not just a select number of individuals. In order to attain this, they propose the adoption of socialist policies that will enhance wealth transfer … Read more
