In the World Today

In The World Today In the world today, there exist many kinds of economic systems. These range from traditional (production is done by using historical methods and tools) to command (supply and price are regulated by the government) to market (businesses and consumers decide what they want to produce and purchase). But as time as progressed, many of these systems have lost their true identities and adopted elements from the other types of economic systems. When this happens, the resultant economy is known as a “mixed” economy. These economies are becoming more and more popular the world over. As countries such as India, Africa, and China adopt these new systems, the country itself may benefit from the decision or it may be detrimental, but these decisions also affect America and its economy as well as its involvement in the new economic system. The mixed economy in India is the second largest growing economy in the world which makes it a very low income country. They have a 3.5 inflation rate and are below the poverty line. The advent of the digital age, and the large number of young and educated people fluent in English, is gradually transforming India as an important “back office” destination for global outsourcing of customer servicesand technical support. This is great for the US because America, at 18 percent, is the main exporter of jobs to India and since they are a low economy that is constantly growing it makes things cheaper for us. This not only makes things cheaper for the America but the world as well. China’s growing economy is a double-edged sword. For one, they certainly are racking in the dough, which is always a good thing. They can, theoretically, pay for everything that their population needs, correct? If they are a mixed economy, they should be set, right? For whatever reason, however, China has chosen not to provide the best conditions for its citizens. They still have a poor educational system and a relatively low pension value for its...