This is an example of a capitalist or market economy based on the free exchange among market participants without coercion.
The Soviet Union
Represents a planned economy that uses a planning authority that determines the outputs and inputs without the use of markets.
Another example of a planned economy that was underdeveloped and backward at the time of the Communist revolution. Economic planning resulted in industrialization and some modernization.
A planned economy with much government intervention. It is a small nation with a heavy reliance on international trade and citizens that enjoy a high standard of living and personal freedoms.
A Western European nation that first began experimenting with a social welfare state in the 1880s. It was the first social welfare state.
The home of Adam Smith and it has an economy based on markets. Also uses economic planning and...
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