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Major Features Subsistence Farming - People produce most all of what they need to survive Hunting & Gathering Herding Barter system- trade goods and services for other goods and services. Example Most cultures used this method for thousands of years River Valley Civilizations

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traditional economic system
Major Features

Subsistence Farming

- People produce most all of what they need to survive

Hunting & Gathering

Herding

Barter system- trade goods and services for other goods and services

Example

Most cultures used this method for thousands of years

River Valley Civilizations

Pre- Industrial societies

Underdeveloped Countries today (LDC’s)

Traditional Economic System
feudal economic system
Major Features

Political, ECONOMIC, and social system.

Manorialism –

land = wealth and power

Rigid Social Class system

(Peasants= labor; Nobles=protection)

LOYALTY and SERVICE

Isolated and self-sufficient

Little trade

Example

Europe –

Middle Ages-

500 AD to 1500 AD

Feudal Japan –

1200 AD to 1860 AD

Ends with Meiji Era modernization and industrialization

Feudal Economic System
mercantilist economic system
Major Features

16th & 18th century Europe

Crusades break down feudal system

Nation’s wealth = gold & silver

Colonies exist to serve the Mother Country

Colonies send raw materials

Mother Country manufactures goods and sells them to the colonies

Monarch controls all trade

Favorable balance of trade for the Mother Country

Mother Country’s wealth….leads tocapitalism!!!

Example

COMMERCIAL REVOLUTION

(1500-1700’S)

Spain

Portugal

France

England

Holland

Mercantilist Economic System
capitalist economic system
Major Features

FREE MARKET ECONOMY

Private ownership of business

-Free Enterprise

Supply and Demand; Consumers determine price, etc.

Entrepreneur- starts business on their own

Stockholders

Competition

Examples:

Adam Smith (Wealth of Nations, 1776)

Laissez-Faire Capitalism

Gov’t “HANDS OFF” the economy

Britain 1750’s …beginning of the Industrial Rev.

USA economy today

Capitalist Economic System
communist economic system radical socialism scientific socialism
Major Features:

COMMAND ECONOMY

All economic decisions made by gov’t planners

Gov’t owns all property

Gov’t controls all production and distribution of goods

Examples:

Karl Marx (Communist Manifesto, 1848)

Workers of the world unite… overthrow capitalists

Share resources… EQUALITY for all!

NEVER BEEN TRIED!!!

USSR - Lenin 1917

China – Mao 1949 - 1978

Cuba- Castro 1959

Vietnam 1975 (after the war)…today

North Korea 1948…today

Communist Economic System(Radical Socialism; Scientific Socialism)
democratic socialism
Major Features:

MIXED ECONOMY

Some gov’t ownership

+

Somer private ownership

Gov’t gets involved in economy to protect workers’ rights…

National Health Care System, etc.

Examples:

CHINA (1978-present)

Deng Xiaoping

4 Modernizations

some capitalist reforms introduced

European Nations

Scandinavian countries…Sweden, Norway, etc.

(DEMOCRATIC) SOCIALISM
slide7

MODERN ECONOMIC SYSTEMS =

POST INDUSTRIAL REVOLUTION ECONOMIC SYSTEMS