As of 2014, the economy of Russia is a more market-based and global economy. Economic reforms that took place in 1990 has lead to privatized industries.Know More
The Russian economy had a more socialist structure when they were controlled by the Soviet Empire. Since the fall of the Soviet Empire, a middle class emerged for the first time. Since Russia relied so much on commodities to be exported to them, they were very vulnerable to the economic crisis that took place. In 2008, they experienced a steep fall in the global demand, a tightening of credit and commodity prices almost brought Russia's economy to a halt. They started to recover in 2010.
Russia is considered one of the most industrialized republics of the former Soviet Union. The Russian industry is still considered highly inefficient because of years of low quality investment. Russia has a resource-based industry. They've also developed a large manufacturing capacity that includes metals, food products and transportation equipment. Russia is now considered the world's third-largest exporter of primary aluminum and steel. Russia does still have many import barriers from their Soviet Union days. They often use non-tariff barriers to restrict foreign access to their market. It's considered a constant strain on their Russian World Trade Organization negotiations.Learn more about Economics
The United States has a capitalist economy. Capitalism is an economic system in which businessmen privately own the means of production, which is referred to as capital. Free market competition dictates prices and production levels. Under the capitalist system, prices and salaries are determined by supply and demand. The government’s role in this system is to protect the rights of financial motivators of the economy.Full Answer >
The country of Poland uses a 'market' economic system and represents the sixth-largest economy in Europe. Countries are generally categorized into one of four economic systems: traditional, command, market or mixed.Full Answer >
Brazil's economy classifies as free market, which features an exchange of goods, services and commodities internally and with other nations. Brazil varies in degree of economic freedom; in the early 2000s, Brazil's economy classified as mostly free, then waned in status to a status of "mostly unfree" in the latter half of the decade.Full Answer >
Greece has a capitalist economy with the public accounting for around 40 percent of the gross domestic product, or GDP. The majority of Greece's economy centers around the service sector, which includes such areas as gambling, banking and health care. A sizable portion of the country's economy comes from the tourism industry, which produces around 18 percent of the GDP.Full Answer >