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Contemporary World Economy - Essay Example

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The paper focuses on an evaluation of the different economic systems in the world economy, with a perspective of the old economic relations and on the discussion of issues in the current economic development in the world where various things have been very pivotal in that they influence the choices of the people …
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Contemporary World Economy
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Download file to see previous pages In order to come up with the understanding of the economic changes that happen in the current world, there are different things that determine the way people will conduct their business according to their relations. Evaluation of the different perspectives of the economy makes the issues of economic differentiation very substantial. This will be an evaluation of the different economic systems in the world economy, with a perspective of the old economic relations. The themes that were discussed in class in the past term such like the economic markets liberalism, market systems, modernisms and development of economics, employment, globalization among other and are indicators of the transition that is happening in the world economy today. Some of these themes are reflective of the different economic systems in the world and focus on the difficulties that are predominant when a state or a nation adopt some of them and show the struggle that is in the world to ensure that people are set free from the unnecessary restriction. As a result, different scholars have written some materials in support or in criticism of some of these themes so that evaluation of the works of various scholars offers a great academic discourse that exposes the pros and con of different economic systems. In the evaluation, the study of the term, the most repeated themes are the economic systems and globalization which have been influenced by the differences in argument and the evaluation of each of them i.e. socialism, communism, and capitalism. As well, the issue of employment and its impact on the economy is a theme that has been repeated as seen in the discussion of the work of John Maynard Keynes who has elaborated the issue. This has influenced the discussion of the contribution of different people to the economy of a specific place and which have an impact on the development and retrogression of an area (Keynes 13-19). Through evaluation of the various consumption and investment habits of the people, Keynes has based his explanation for development or retrogression of a place in that where if the latter is greater than the former, development is realized (Campbell 212). Francis Fukuyama argues that there are transitions in the economy from the general state of restriction through which different people went so that they become the current liberals.  ...Download file to see next pagesRead More
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