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The economic systems in the world - Coggle Diagram
The economic systems in the world
The current systems
CAPITALIST OR MARKET ECONOMY
Characteristics
Free market economy
Private ownership of means of production
Freedom to work and hire
Little intervention of state
Mixed economy
Variation
More widespread
Greater intervention of State
Laws
Regulation of prices
European Union
United States of America
Multinational companies
Spread in many countries
Thanks to:
Private initiative
Economic Globalization
COMMUNIST OR PLANNED ECONOMY
Economy is centralised and planned by the State
State is the owner of means of production
No private property and initiative
Objective: collective benefit
Dissapeared since 1991 with the break up of Soviet Union
SUBSISTENCE ECONOMY
Self-consumption
Poorest areas in the world
No division of labour or mechanisation
Current economic blocs
World economic leaders
Until now: USA, European Union and Japan
Now: new emergin countries (Canada an dAustralia)
The Asian tigers
Technological development
Asian countries
Since 1970
South Korea, Taiwan, Honkong + Vietnam, Indonesia...
Organisation of pretroleum exporting countries (OPEC)
Largest producer: Arabia Saudi
Petroleum is the most used enery source
Venezuela, Argelia, Iran, Kuwait, Angola...
BRICS
Emerging countries
Rapid growing
Russia, India, China, Brazil and South Africa
Economic organisations
Characteristics
Several countries
Share economic ties
Offer asistance
Common political ideology
NO DUTIES, NO TARIFFS
Examples
European Union
NAFTA
("América del Norte")
Canada, USA, Mexico
Mercosur
("algunos países de América del Sur")
Argentina, Paraguay, Uruguay, Brazil, Venezuela and Bolivia
ASEAN
Asian countries