The economic system of the economy under globalization will be ______.

Question

Quizplus · Accepted Answer

The economic system of the economy under globalization is predominantly capitalist, with market forces driving the allocation of resources and production decisions. While some socialist and communist elements may exist in certain countries, the overall trend under globalization has been towards opening up markets and promoting free trade, which is a hallmark of capitalism. Agricultural systems may also exist within this broader economic framework, but they would be a subset of the overall capitalist system.

The Economic System of the Economy Under Globalization Will Be