China has an economic system that blends elements of socialism and capitalism. While its leaders strive to create a communist economic system, much of its growth occurred after it adopted some capitalist practices.Know More
For more than 30 years, China's gross domestic product has increased by almost 10 percent per year, which is a rate far above those of developed nations. Deng Xiaoping, its leader at the time, is famous for his pragmatism. To him, building a thriving capitalist economy was key for growth, and he invested heavily in the Chinese economy to make it the world's leading manufacturing center.
Unlike many countries in the West, many of China's businesses are owned by the government, and the country has strong regulatory power over private businesses. This control, which many view as overly restrictive, helps the country grow in a manner the government views as most beneficial.
China has not abandoned socialism or communism, and many elements of socialism are still present. German philosopher Karl Marx, who wrote extensively on communism, stated that all countries must go through a period of capitalist growth to build the infrastructure needed for communism to flourish. Chinese officials view the country's embrace of capitalism as a transitional period needed to create a communist economy.Learn more about Foreign Laws
The Metternich system, also known as the Congress system, was a series of meetings called among the great powers of Europe to discuss problems and attempt to resolve issues without violence. The system was modeled after an international summit in Vienna in 1814, and the first Congress occurred in Aix-la-Chapelle in 1818 to decide the issue of the occupation of France. Britain, Prussia, Russia and Austria attended.Full Answer >
Israel has a market type of economic system. The country garnered an economic freedom score of 68.4, which makes Israel's economy the 44th freest in the world, as reported in the 2014 Index of Economic Freedom.Full Answer >
Japan has an industrialized global free market economy. A free market economy is a competitive economic system in which businesses compete with each other for profit and the prices of goods and services are based on supply and demand. Japan's economic system is very similar to that of the United States.Full Answer >
As of 2014, Colombia runs a mixed economic system with major commercial and investment ties to the United States. A mixed economy is one in which both the private sector and the government direct the economy. Colombia's main exports are oil and coal.Full Answer >