Comparative Economic Systems
This module introduces the study of comparative economic systems, which is concerned with analyzing differences in economic institutions across societies. It defines different types of economic systems, considering how economic decisions are made and who owns productive assets.
The two main types of economic systems—capitalism and socialism—are discussed in some detail along with the historical context in which these systems emerged. Examples of the United States, Sweden, China and the Soviet Union are discussed to provide an overview of the different systems. The final section turns to some of the key issues of the 21st century, including economic inequality and environmental sustainability, and their relation to the different economic systems. The overall goal of the module is to provide students with a good understanding of the various ways in which economies are organized and how they influence social, economic and environmental outcomes.