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A planned economy is one in which the government controls the resources. North Korea has a planned economy.

Some other countries have aspects of a planned economy however, not a totally planned one. These countries are China, Cuba and Russia. A market economy is based on division of labor in which prices of goods and services are set by supply and demand. Capitalism, social markets, laissez-faire, market anarchism, and market socialism are all examples of market economies. Mexico, Canada, and the United States are examples of market economies.

Planned Economy Cuba North Korea Social market economy -Germany

Market Russia Japan Sweden


The economy of Russia is the eighth largest economy in the world by nominal value and the sixth/ fifth largest by purchasing power parity (PPP).[24] The Russian economy is currently labeled a developing one by the International Monetary Fund and the World Bank. The country has an abundance of natural resources, including timber, precious metals, and particularly fossil fuels (oil, natural gas, and coal) that can be developed without the constraint of OPEC production quotas and other rules.[25] In recent years, Russia's oil and gas production and pipeline projects have been not only a primary source of Russia's economic growth, but also a geostrategic lever in the country's relationship with Europe and Asia.[26] Since the collapse of the Soviet Union, Russia has undergone significant changes, moving from a centrally planned economy to a more market-based and globally integrated economy. Economic reforms in the 1990s privatized many sectors of industry and agriculture, with notable exceptions in the energy and defense-related sectors. Nonetheless, the rapid privatization process, including a much criticized "loans-for-shares" scheme that turned over major state-owned firms to politically connected "oligarchs", has left equity ownership highly concentrated. As of 2011, Russia's capital, Moscow, had the highest number of billionaires of any city in the world.[27][28] In late 2008 and early 2009, Russia experienced the first recession after 10 years of experiencing a rising economy, until stable growth resumed in late 2009 and 2010. Despite the deep but brief recession, the economy has not been as seriously affected by the global financial crisis, largely because o

The economy of North Korea is an industrialized and centrally planned economy.

North Korea's economy remains one of the world's last centrally planned systems. The role of market allocation is sharply limited mainly in the rural sector where some peasants sell produce from small private plots. There are almost no small businesses. Although there have been scattered and limited attempts at decentralization, as of mid-1993, Pyongyang's basic adherence to a rigid centrally planned economy continues, as does its reliance on fundamentally non-pecuniary incentives. The collapse of communist governments around the world in 1991, particularly North Korea's principal source of support, the Soviet Union, have forced North Korean economy to realign its foreign economic relations. Economic exchanges with South Korea have even begun in earnest ways at times, see Kaesong Industrial Region.

The economy of Cuba is a largely state-controlled, centrally planned economy overseen by the Cuban government, though there remains significant foreign investment and private enterprise in Cuba. Most of the means of production are owned and run by the government, and most of the labor force is employed by the state. In the year 2000, public sector employment was 76% and private sector employment was 23% compared to the 1981 ratio of 91% to 8%.[2] Capital investment is restricted and requires approval by the government. The Cuban government sets most prices and rations goods to citizens. In 2009, Cuba ranked 51st out of 182 with an HDI of 0.863; remarkably high considering its GDP per capita only places it 95th.[3] Cuba also significantly outperforms the rest of Latin America in terms of infant and child mortality, morbidity, educational attainment and an array of other social and health indicators.[4] The economy of Sweden is a developed export-oriented diverse economy aided by timber, hydropower and iron ore. These constitute the resource base of an economy oriented toward foreign trade. The main industries include motor vehicles, telecommunications, pharmaceuticals, industrial machines, precision equipment, chemical goods, home goods and appliances, forestry, iron and steel. Traditionally, a modernized agricultural economy that used to be employing over half of the domestic workforce, today, Sweden further develops engineering, mine, steel and pulp industries that are competitive internationally such as the companies of LM Ericsson, ASEA/ABB, SKF, Alfa Laval, Aga and Dyno Nobel.[12] Sweden is a highly competitive capitalist economy featuring a generous, universal welfare state financed through relatively high income taxes[13] that ensures that income is distributed across the entire society, a model sometimes called the Nordic model. Approximately 90% of all resources and companies are privately owned, with a minority of 5% owned by the state and another 5% operating as either consumer or producer cooperatives.[14] Because Sweden, as a neutral country, did not actively participate in World War II, it did not have to rebuild its economic base, banking system, and country as a whole, as many other European countries did. Sweden has achieved a high standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. Sweden has the second highest total tax revenue behind Denmark, as a

share of the country's income. As of 2012, total tax revenue was 44.2% of GDP, down from 48.3% in 2006.[15]

Burma, a resource-rich country, suffers from pervasive government controls, inefficient economic policies, corruption, and rural poverty. Despite Burma's emergence as a natural gas exporter, socioeconomic conditions have deteriorated under the regime's mismanagement, leaving most of the public in poverty, while military leaders and their business cronies exploit the country's ample natural resources. The transfer of state assets, especially real estate, to cronies and military families in 2010 under the guise of a privatization policy further widened the gap between the economic elite and the public. The economy suffers from serious macroeconomic imbalances - including unpredictable inflation, fiscal deficits, multiple official exchange rates that overvalue the Burmese kyat, a distorted interest rate regime, unreliable statistics, and an inability to reconcile national accounts. Burma's poor investment climate hampers the inflow of foreign investment; in recent years, foreign investors have shied away from nearly every sector except for natural gas, power generation, timber, and mining. The exploitation of natural resources does not benefit the population at large. The business climate is widely perceived as opaque, corrupt, and highly inefficient. Over 60% of the FY 2009-10 budget was allocated to state owned enterprises - most operating at a deficit. The most productive sectors will continue to be in extractive industries - especially oil and gas, mining, and timber - with the latter two causing significant environmental degradation. Other areas, such as manufacturing, tourism and services, struggle in the face of inadequate infrastructure, unpredictable trade policies, neglected health and education systems, and endemic corruption. A major banking crisis in 2003 caused 20 private banks to close; private banks still operate under tight restrictions, limiting the private sector's access to credit. The United States, the European Union, and Canada have imposed financial and economic sanctions on Burma. US sanctions, prohibiting most financial transactions with Burmese entities, impose travel bans on senior Burmese military and civilian leaders and others connected to the ruling regime, and ban imports of Burmese products. These sanctions affected the country's fledgling garment industry, isolated the struggling banking sector, and raised the costs of doing business with Burmese companies, particularly firms tied to Burmese regime leaders. The global crisis of 2008-09 caused exports and domestic consumer demand to drop. Remittances from overseas Burmese workers - who had provided significant financial support for their families - slowed or dried up as jobs were lost and migrant workers returned home. Although the Burmese government has good economic relations with its neighbors, significant improvements in economic governance, the business climate, and the political situation are needed to promote serious foreign investment. The type of economy that Japan have is called the 'market economy'. Japan's economy relies on its manufacturing industry which produces automobiles, electronic equipment, robots, and televisions. Fishing and agriculture is also important. Answer

The social market economy is the economic model used in Germany. An economic system in which industry and commerce are run by private enterprise within limits set by the government. West Germany stated using the model after WWII.