Traditionally, economic systems were based on the imperative models of capitalism socialism and communism but recent political and economic developments across the world have caused dynamic changes in this area. ... Hence the modern approach defines economic systems in terms of organizational features, which basically refers to the system of communication within groups. ... The political events of the 1990's make it clear that countries wanted a change from the set systems of capitalism, socialism and communism as they sought better systems and higher efficiency. ... It is essential th...

• Word Count: 4711
• Approx Pages: 19
• Has Bibliography
• Grade Level: Undergraduate

Moreover, the end of the cold war and the fall of communism in 1988 precipitated the communist countries to adopt a new model of economy. ... These countries (China, India, Bangladesh, Brazil, Malaysia) are defined by having strongly improved their trade performance. ...

• Word Count: 6472
• Approx Pages: 26
• Has Bibliography
• Grade Level: Undergraduate

This in fact indicates the diffused and flexible nature of globalisation, meaning that it can be defined to suit anyone's agenda and interests. We see liberal economists, socialists and even environmentalists all defining globalisation to suit their own political and academic agendas and criteria. ... Rather, we will try to define it so that everyone is able to grasp it and understand it based on the reality that encompasses us today. ...

• Word Count: 3797
• Approx Pages: 15
• Grade Level: Undergraduate