Economic Systems

An economic system is an interacting dynamic system of consumption and (derived) production & trade of goods & 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.

References:

Barker, Terry (2011) ‘A ‘whole systems’ approach in ecological economics”, chapter 5 pp. 99-114 in Simon Dietz, Jonathan Michie and Christine Oughton (eds) The Political Economy of the Environment, Routledge, 2011.

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