ECO5010 CONTEMP ECONOMIC SYSTEMS

The theoretical foundations of free enterprise democracy, liberal socialism and totalitarian socialism. A comparison of how the different economic systems determine what is to be produced, how resources are allocated and income distributed. A critical evalution of the systems in terms of criteria of economic efficiency. The historical development of these economies and an examination of their institutional structures, organization, operation and performance, both in theory and in practice. H. Schumacher