Global Economic Critique And Re Design Essay
A country’s economic system is made up of structures and processes that can be used to distribute its resources and trade goods and services (conduct its commercial activities). The economic system can regulate five factors of production involving labor, capital, entrepreneurs, physical resources, and information resources. The three types of economic systems are the market economy, centrally planned economy, and the mixed economy.
Capitalism, which falls under the market economy, is an economic system where a country’s production, the circulation of goods and services for profits, are controlled by private owners. Capitalism allows citizens to own businesses and acquire wealth, therefore demonstrating its effectiveness. Capitalism rewards hard work and achievements therefore leaving people with authority and not the government. The following critique will re-design the current economic system, featuring characteristics of the natural system, considering diversity, efficiency, self-regulation, and resilience.
Economic diversity is a multidimensional concept that includes the scale in which an economy’s mix of businesses, sectors, skill levels, and employment levels fluctuate from a larger reference economy. The basis of economic diversity is based on factors such as: poverty, age, disability, education, culture, and unemployment.
Studies prove that economic diversity is linked to achieving the economic…