Economy Control Mechanisms

Type of Economy depends on...

  • Ownership of Capital - Govt vs Private
  • Central Coordination - Deciding what to produce. Govt Coordination vs Private Sector.
  • Use of Markets - How prices are decide, regulations, etc. Govt fixed vs Market forces.

No current economy is fully capitalistic - all factors completely in the private side. All economies are in a gradient scale of these three factors.

Meta