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Economic System. Dr. Kazi Shahdat Kabir E-mail: kazirimon@yahoo.com. Economic System. Definition of Economy System:
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Economic System Dr. Kazi Shahdat Kabir E-mail: kazirimon@yahoo.com
Economic System Definition of Economy System: An economic system is a particular set of social institutions which deals with the production, distribution and consumption of goods and services in every and each society . The economic system is composed of people and institutions, including their relationships to productive resources, such as through the convention of property.
Economic System Defining Economic System: In a given economy, it is the systemic process means by which problems of economy are addressed, such as the economic problem of scarcity through allocation of finite productive resources. Examples of contemporary economic systems include- a) Capitalist economy systems, b) Socialist economy systems, c) Islamic economy system and d) Mixed economy system .
Economic System Defining Economic System: An economic system is a set of methods and standards brought by which a society decides and organizes the ownership and allocation of economic resources. ‘Economic system' refers to the organizational arrangements and process through which a society makes its production and consumption decisions.
Economic System ‘IS an Economic System a Part of a Social System.’ Why & How? An economic system can be considered a part of the social system and hierarchically equal to the legal system, political system, cultural system etc. There is often a strong correlation between certain ideologies, political systems and certain economic systems (for example, consider the meanings of the term "communism").
Economic System Basic Types of Economic System: The basic and general economic systems are: ▶Market economy: the basis for several "hands off" systems, such as capitalism. ▶Mixed economy: a compromise economic system that incorporates some aspects of the market approach (capitalism) as well as some aspects of the planned approach (socialism).
Economic System Basic Types Economic Systems: ▶Planned economy: the basis for several "hands on" systems, such as socialism.That is the communist countries strictly maintained the state rules maintaining marketing inside the country.
Economic System ▶Traditional economy: a generic term for the oldest and traditional economic systems. ▶Participatory economy: a recent proposal for a new economic system.
Economic System Islamic Economic System: Islamic economics is economics in accordance with Islamic law. 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. For example- it can refer to the creation of an Islamic economic system, or to simply following Islamic law in regards to spending, saving, investing, giving, etc.
Economic System Islamic Economic System: An economic system based on uplifting the deprived masses, a major role for the state in matters such as- circulation and equitable distribution of wealth and ensuring participants in the marketplace are rewarded by being exposed to risk and/or liability.
Economic System Development of World Economic System: The ‘industrial revolution’ which took place largely in England during the period of 1760 to 1830- brought about changes in the social organization of the work place. Due to the causes of industrial revolution took place inside the town, people left their homesteads and began working in central locations such as factories.
Economic System As the Industrial Revolution proceeded, a new form of social structure emerged: the Industrial Society, a society that depends on mechanization to produce its goods and services.
Economic System Mode of Production: In the writings of Karl Marx and the Marxist theory of historical materialism, a mode of production (meaning 'the way of producing') is a specific combination of: ▶Productive forces: This includes both of human labour power and the means of production (eg. tools, equipment, buildings and technologies, materials, and improved land and desire).
Economic System Mode of Production: Marx regarded productive ability and participation in social relations as two essential characteristics of human beings. These are- a) Productive forces and b) social relations . Both of which are different sides of the development of social individual appear to capital only as a means and only means to produce on its limited basis.
Economic System Capitalist mode of production: The capitalist mode of production refers to the socio-economic base of capitalist society which began togrow rapidly in Western Europe from the end of the eighteenth century, and later extended to most of the world. This is characterised by the pre-dominant private ownership of the- means of production, distribution and exchange mainly in the market economy.
Economic System Capitalist mode of production: The essential defining characteristics of the capitalist mode of production as follows: ▶The means of production (or capital goods) and the means of consumption (or consumer goods) are mainly produced for market sale. ▶Private ownership of the means of production ("private enterprise") as effective private control and/or legally enforced ownership ▶The overall aim of capitalist production under competitive pressure.
Economic System Asiatic mode of production: In the theory of historical materialism, the term Asiatic mode of production describes a widespread pre-Capitalist mode of production, in which irrigation system of agriculture plays an important role in those society. Oriental despotism is considered to arise out of this mode of production. The Asiatic mode of production can be found all around the world not just in Asia as the term indicates.But it mainly emerged in Asia region but latter it flourished rest of world.
Economic System Feudalism: Feudalism, a term first used in the early modern period (17th century).In its most classic sense refers to a Medieval European political "system" comprised of a set ofreciprocal legal and military obligations among the warrior nobility, revolving around the three key concepts of - lords, vassals and Serfs.
Economic System Feudalism: Feudalism was the expression of a society in which every man was bound to every other by mutual ties of loyalty and service. Until the rise of powerful monarchies with central bureaucracies, it was the lord of the manor who was the real ruler of society.
