economic system economic system

Definition(s):

  • (n) the system of production and distribution and consumption

Usage(s):

  1. On the main cause -- the utter hopelessness of communism as an economic system -- both sides got it right in their hearts but somehow wrong in their heads.
  2. And only by playing hardball within the globalized economic system, he thinks, can developing nations grow.
  3. Capitalism may be the best economic system that man has come up with, but no one ever said it would create stability.

News

  1. Colbertism failed in France. Will it work in China? - BostonGlobe.com

    To political scientists, China’s current economic system of trying to capture as much as possible of the world’s resources through state-directed industry can be difficult to characterize. Yet to the historian, China’s policy is evidently a mercantilist approach that has already been tried--and that briefly succeeded--under Louis XIV’s finance minister, Jean-Baptiste ...
    on July 21, 2013     Source: Boston Globe

  2. China’s economy is about to hit the wall

    China is in big trouble, writes Paul Krugman. The country’s economic system, which has driven three decades of incredible growth, has reached its limits. It’s running out of surplus peasants.
    on July 20, 2013     Source: Seattle Times

Word of the Day
deprecate deprecate
/ˈdɛ prə ˌkeɪt /