Study Cards on capitalism, economic, economy
Often non-liberal capitalist societies.
-Coordinated market economies: depend heavily on non-market arrangements. --> adopted by East and Southeast Asian 'tigers'.
This allows the economy to be directed not by an impersonal price mechanism, but through 'relational markets'.
-Firms provide the social core of life. Workers are 'members' of firms. In return for their loyalty and hard work , have traditionally expected lifetime employment, pensions etc.
-Stress is placed on teamwork and the building of a collective identity.
- The state has played a vital role in 'guiding' investment, research and trading decisions.
- Contradiction between economic liberalism and non-liberal political arrangements, as authoritarianism may either become a fetter on enterprise and innovation, or it may generate resentment and demands for political freedom that make such systems unsustainable.
But causing an economic slowdown in the 1990s and the 1997 Asian financial crisis.
Weakness: its failure to sufficiently diversify the economy. Russia's economic aspects are closely linked to the price, in particular, of oil and natural gas as determined by global markets.
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