ECONOMIC SYSTEMS
CONCEPT OF ECONOMIC SYSTEMS: way in which humankind has arranged for its material provisioning. One would think that there would be a great variety of such systems, corresponding to the many cultural arrangements that have characterized human society. Surprisingly, that is not the case. Although a wide range of institutions and social customs have been associated with the economic activities of society, only a very small number of basic modes of provisioning can be discovered beneath this variety. Indeed, history has produced but three such kinds of economic systems—those based on the principle of tradition, those organized according to command, and the rather small number, historically speaking, in which the central organizing form is the market.
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