Most countries’ economies contain elements of both free market and command economies.

The activity in a market economy is unplanned; it is not organized by any central authority but is determined by the supply and demand of goods and services. The United States, England, and Japan are all examples of market economies.

What countries have a free market economy?

• No country has a fully free market economy.
• Rankings of economic freedom vary depending on who is doing the ranking, but some economies generally considered free-market include: Hong Kong, Singapore, New Zealand, Australia, Switzerland, the United Kingdom, Canada, and Ireland.

The United States is the best example of market economies where the free flow of goods and services facilitates and protects both producers and consumers. First, there is no governmental control, and the exchange of goods and services is determined by the market mechanisms of demand and supply.

A market is a place where buyers and sellers can meet to facilitate the exchange or transaction of goods and services. Other examples include the black market, auction markets, and financial markets. Markets establish the prices of goods and services that are determined by supply and demand.

They concluded that China’s contemporary economic system represents a form of capitalism rather than market socialism because: financial markets exist which permit private share ownership—a feature absent in the economic literature on market socialism; and.

In the following section, China is placed in the state entrepreneurship category of capitalism with liberal and coordinated systems because of the inherent configuration of its institutions (Hall and Soskice, 2001). Thus, the following creates a contrast between the liberal and state economy.

China is the world’s largest manufacturing economy and exporter of goods. It is also the world’s fastest-growing consumer market and second-largest importer of goods. China is a net importer of services products. With 778 million workers, the Chinese labour force is the world’s largest as of 2020.

China, India, and the United States will emerge as the world’s three largest economies in 2050, with a total real U.S. dollar GDP of 70 percent more than the GDP of all the other G20 countries combined. In China and India alone, GDP is predicted to increase by nearly $60 trillion, the current size of the world economy.

Comparing 2017 vs. 2030

China’s Strengths and Weaknesses 101

• China is investing in science and technology but lacks high standards and integrity.
• China boasts a cheap workforce but not for long.
• China can require top-down, government-led investment but lacks the government institutions to ensure success.

China’s 2.3% overall growth is more impressive when seen in context. China’s gross domestic product (GDP) contracted 6.8% in the first quarter, increased by 3.2% in the second quarter, increased again by 4.9% in the third quarter, and then ended the year by surging 6.5% in the fourth quarter.

Confucius made another impact on society by creating a school. The school educated young boys in the way of Confucianism and also taught them Calligraphy so many of the boys went on to becoming scholars. The beliefs of Confucianism made woman subordinate throughout the religion.

It recommended healing Chinese society by returning to the traditions of the early Zhou Dynasty. They thought people should live simply. It helped produce well-trained government officials and helped society by making a code of conduct so they will be organized.

Confucianism also leads to misogyny and patriarchy. Women are expected to be subservient to their husbands to an extent. This type of thinking is on the decline but is still very much alive. Feminism is almost unheard of in East Asia.