Economic Systems
The people of the world are different and so are their economic systems. The economic systems of the world are classified into three categories: Traditional, Command, and Market. People believe that the economic system they belong to is superior to the others. For example, we, the people from the “civilized” USA, who use the market economic system believe ourselves to be the civilized people, while people using the traditional economic system are believed to be inferior and uncivilized. ... The capitalist societies do not have any responsibilities to developing nations that use the traditional economic system because the traditional economic system is tried and true, and it is unlikely that people in the developing countries would be unable to survive without interference from the western capitalists. One major economic system in the world today is the traditional economic system. A traditional economic system is an economic system in which almost all economic activity comes from ritual, habit, or custom.