ABSTRACT
This chapter discusses the different types of successfully develops economic systems in the world and offers some case studies of each type. In Market Dominated Economies, most major economic decisions are made by corporations and other private sector businesses. In Social Market Economies, the role of social interests is more balanced compared to the role of the market. The major characteristics of the US economic system include ready access to productive resources, a Protestant work ethic and melting pot of immigrants, early protectionism followed by later globalization. A business–friendly legal system, massive multinational corporations, an innovation system promoting revolutionary innovations, a small welfare state and few regulations, and macroeconomic stabilization policies. The important reasons for US economic success was its access to human and natural resources. Modern economic systems can be groups into three broad categories: Market Dominated Economies, Social Market Economies, and State Dominated Economies.
