An economic system is an interacting dynamic system of consumption and (derived) production, and the trade of goods and services, based on an institutional framework of norms and laws. Today the mixed market-based economic system has become globalised through international trade and the internet. Examples of a different system are the planned economies of North Korea or the former Soviet Union.
Barker, T. (2011) “A ‘whole systems’ approach in ecological economics”, in Simon Dietz, Jonathan Michie and Christine Oughton (eds), The Political Economy of the Environment, Routledge. Available on Taylor & Francis.