All countries in the world follow almost the same type of economic sys

1.	All countries in the world follow almost the same type of economic system today.
Answer» This statement is False. 1. Today, in a globalised world, there appears to be only one dominant ideological and economic , system i.e. ‘Market Economy.’ However, the nature of the market economy is determined by the ideology of that country. 2. The USA has a ‘capitalist market’ economy which combines capitalist system with market economics. In most West European nations, the political system is a ‘welfare State’, so they adhere to welfare market economies. China has a socialist market economy and Indian system is described as economic liberalism.

All countries in the world follow almost the same type of economic system today.

Answer»

This statement is False.

1. Today, in a globalised world, there appears to be only one dominant ideological and economic , system i.e. ‘Market Economy.’ However, the nature of the market economy is determined by the ideology of that country.

2. The USA has a ‘capitalist market’ economy which combines capitalist system with market economics. In most West European nations, the political system is a ‘welfare State’, so they adhere to welfare market economies. China has a socialist market economy and Indian system is described as economic liberalism.

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