Notes1 - ECON 4337 Comparative Economic Systems Week 1 50...

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ECON 4337 Comparative Economic Systems Week 1
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RGDP per capita 2004 in USD (Constant Prices: Chain series) 50,760 36,098 34,759 29,642 29,404 29,276 28,957 28,447 28,398 28,158 27,994 27,899 27,073 26,762 26,479 26,168 25,885 25,606 24,661 Luxembourg United States Norway Hong Kong Singapore Switzerland Ireland Denmark Canada Austria Australia Iceland Sweden United Kingdom Netherlands France Belgium Germany Japan
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0 2 4 6 8 10 12 14 16 18 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Axis Title Health Expenditure/GDP Canada Germany Sweden United States France Source: OECD
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0 2 4 6 8 10 12 14 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 Infant Mortality Rate Canada France Germany Sweden USA Source: OECD
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Source: Economist
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How Do We Compare Economies? What is an economy? Made up of a group of people who are located in a political entity and who are producing and consuming goods and services GDP is a measure of the size of an economy
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How Do We Compare Economies? What is an economic system? The interaction of organizations of participants engaged, according to rules and orders , in the production, distribution, and use of goods and services The rules with which the community determines: (1) what to produce, (2) how to produce, (3) how to distribute the benefit of the production
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How Do We Compare Economies? What is an economic system? An economy functions according to rules, customs and laws . Those rules, customs and laws underpin the institutional framework An institution is any structure or mechanism of social order and cooperation governing the behavior of a set of individuals within a given human community. (wikipedia)
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How Do We Compare Economies? What is an economic system? An economy functions according to rules, customs and laws . Those rules, customs and laws underpin the institutional framework Comparative economic systems studies economic outcomes in different institutional, geographic and political settings Varieties of these frameworks are what we are interested in.
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How Do We Compare Economies? General Look Question: Which economic systems do you know about? Question: Is the world economy converging on American-style market capitalism after the collapse of FSU?
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How Do We Compare Economies? General Look It looked like during 90‟s there was a clear winner, the American System 89-91: Collapse of the Soviet Bloc Japan in stagnation Europe: Fighting against its own devils (Bosnian War, Ethnic Cleansing, rigid, un-dynamic economies…)
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How Do We Compare Economies? Francis Fukuyama
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This note was uploaded on 03/26/2011 for the course ECON 4337 taught by Professor Staff during the Spring '08 term at Minnesota.

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Notes1 - ECON 4337 Comparative Economic Systems Week 1 50...

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