my reflection on economic system

Topics: Economics, Economy, Economic growth Pages: 8 (2316 words) Published: October 9, 2013
Villegas (2010) states that as long as the principles of natural law- based on God’s law- are not violated, a country may adopt any form of government most appropriate to local conditions. I agree. Though different countries suffer any losses, still, they recover after all, with their different types of economic system and following the principles of natural law.

Loss is an inevitable thing. Right technique or system must be used to solve it and gain achievements. In same manner, the government of South Africa experienced it too. During the inflation, South Africa turns down. But because the government has the strength and perseverance to rise again, it produces a progressive country in the present. In which, I recognize the way the administration governs the society. People in the administration of South Africa serve as economists who think deeper for the better of the country. In like manner, this country plays a big role in the continent of Africa. As what I have researched states that is the economic powerhouse of the continent. Using mixed market capitalistic economy system and with its high rate of Gross Domestic Product (GDP), it is obviously appreciable that South Africa contributes a lot which provides helping hands for those trembling tummies suffer from famine. Wherein, despite of stated problem given in the article yet South Africa’s economy is growing strongly.

In some other way, there is a country that from the start, its economic status really booms. By using the free market system or socialism plus good governance, this country puts a mark in the global industry. I appreciate how the government drags the rate of unemployed from 11% to 5%. This simply explains how the administration runs the society in a good condition. For me, running a country is difficult but because ordinary people and government coordinate, this country deserves to be rank in the first five developed countries in the world. Though there are different taxes being imputed, still, individual and businesses response in paying taxes. In addition, the country’s economic system speaks and acts through the years which help to develop the country. However, the said country is the Australia.

It is been a good destination in Canada. Some of us wonder to be there. It is because this country has a stable community. From the type of government being applied, Canada ranks by the “Economist” as the third most democratic nation in Democracy Index. Thru this, Canada surpasses their crisis during 2008 to 2009. Facing the consequences of financial crisis is tricky. Handling it may lose your control. But, the government of Canada is doing it prudently. Line with the market- oriented system, Canada becomes largest US foreign supplier of energy. This contributes to the financial status of Canada especially during the crisis. Hence, in my own perception, Canada emphasizes how individuals are important and also how a government balances in times of difficulties.

South Africa, Australia and Canada are an example of democratic government. These countries describe how a common type of government attains the stability of economy. Thus, these are just only three of the top model countries in the world which you will really amaze how their economy work thru the years.

University of Mindanao Tagum College
Arellano Street, Tagum City

Economic System and Type of Government of a Country

Donna Khryss Legaspi
Bachelor of Science in Accounting Technology

In Partial Fulfillment of the Requirements
In Economics 1

Prof. Regi Aaron

September 23, 2013
CANADA
As a high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and...
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