GDP (PPP) $Million Year World 1 United States Euro areab 2 China, People's Republic of 3 Japan 4 India 5 Germany

ny 6 Russia 7 United Kingdom 8 France 9 Brazil 10 Italy 11 Mexico 12 Spain 13 Korea, South 14 Canada 15 Turkey 16 Indonesia 17 Australia 18 Iran 19 Poland 20 Netherlands 21 Argentina 22 Saudi Arabia 23 Thailand 24 South Africa 25 Egypt 26 Pakistan 27 Colombia 28 Malaysia 29 Belgium 30 Nigeria 31 Philippines 32 Sweden 33 34 35 Switzerland Venezuela Austria

76,277,588 2010 14,582,400 2010 11,357,172 2010 10,084,764 2010 4,332,537 2010 4,198,609 2010 3,071,282 2010 2,812,383 2010 2,231,150 2010 2,194,118 2010 2,169,180 2010 1,908,569 2010 1,652,168 2010 1,477,840 2010 1,417,549 2010 1,327,345 2010 1,115,994 2010 1,029,789 2010 865,043 2009 838,695 2009 754,097 2010 705,601 2010 642,255 2010 618,807 2010 586,824 2010 524,198 2010 509,503 2010 464,203 2010 434,788 2010 414,395 2010 407,403 2010 374,343 2010 367,425 2010 365,286 2010 361,643 344,753 332,861 2010 2010 2010

GDP (PPP) $Million 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71

Year Hong Kong Greece Romania Ukraine Algeria Singapore Norway Vietnam Peru Portugal Czech Republic United Arab Emirates Chile Bangladesh Denmark Israel Hungary Finland Kazakhstan Ireland Morocco Belarus New Zealand Slovakia Kuwait Qatar Ecuador Angola Iraq Syria Libya Sri Lanka Bulgaria Sudan + South Sudan Dominican Republic Tunisia Azerbaijan 326,232 318,675 306,348 305,408 295,163 291,937 277,941 276,546 275,355 272,166 266,278 264,294 257,461 244,328 219,314 217,653 203,251 196,629 196,608 178,036 151,638 134,561 130,662 129,843 128,895 128,187 117,241 115,167 113,238 107,304 105,444 105,139 103,946 97,512 92,129 89,925 89,292 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2007 2009 2010 2010 2010 2010 2009 2010 2010 2010 2010 2010 2010

GDP (PPP) $Million 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100 101 102 103 104 105 106 107

Year Uzbekistan Croatia Ethiopia Serbia Oman Guatemala Kenya Tanzania Lithuania Lebanon Yemen Slovenia Costa Rica Panama Uruguay Bolivia Luxembourg Cameroon Uganda El Salvador Ghana Turkmenistan Cte d'Ivoire Latvia Nepal Jordan Trinidad and Tobago Paraguay Bosnia and Herzegovina Macao Afghanistan Cambodia Honduras Albania Botswana Bahrain Estonia 87,026 86,342 85,713 83,776 72,018 68,204 66,225 62,233 60,383 58,965 57,960 56,568 52,885 48,804 47,922 47,825 45,408 44,374 42,215 41,445 39,644 39,488 37,207 36,586 35,650 34,507 34,259 33,256 32,903 32,208 31,044 30,397 29,568 28,252 27,669 27,150 26,837 2010 2010 2010 2010 2009 2010 2010 2010 2010 2010 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2009 2008 2010 2010 2010 2010 2008 2010

GDP (PPP) $Million 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137 138 139 140 141 142

Year Cyprus Equatorial Guinea Senegal Macedonia 24,583 24,146 23,832 22,815 Congo, Democratic Republic of the 22,735 Gabon Georgia Mozambique Jamaica Burkina Faso Zambia Madagascar Brunei Darussalam Mauritius Congo, Republic of the Papua New Guinea Armenia Mali Nicaragua Laos Chad Tajikistan Namibia Benin Malawi Rwanda Kyrgyzstan Niger Iceland Haiti Mongolia Moldova Guinea Malta West Bank and Gaza Bahamas, The 22,471 22,419 21,871 21,183 20,529 20,041 19,916 19,394 17,394 17,036 16,827 16,556 16,241 16,008 15,766 15,269 14,767 14,672 13,944 13,047 12,268 12,107 11,209 11,093 11,017 11,017 10,995 10,806 10,251 8,812 8,639 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2009 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2010 2009 2005 2010

GDP (PPP) $Million 143 144 145 146 147 148 149 150 151 152 153 154 155 156 157

Year Montenegro Mauritania Togo Swaziland Barbados Sierra Leone Suriname Fiji Bhutan Central African Republic Burundi Lesotho Eritrea Gambia, The Guyana 8,005 6,676 5,971 5,969 5,251 4,815 3,949 3,867 3,840 3,446 3,399 3,330 2,847 2,420 2,333 2010 2010 2010 2010 2009 2010 2009 2010 2010 2010 2010 2010 2010 2010 2010

Planned economy and government ownership:

mixed economic system:
A mixed economic system combines elements of the market and command economy. Many economic decisions are made in the market by individuals. But the government also plays a role in the allocation and distribution of resources. The United States today, like most advanced nations, is a mixed economy. The eternal question for mixed economies is just what the right mix between the public and private sectors of the economy should be

Types of economic systems:

Economic Systems An economic system is best described as a network of organizations used by a society to resolve the basic problem of what, how and for whom to produce. There are four categories of economic system. Traditional economy: Where decisions about what, how and for whom to produce are based on custom and tradition. Land is typically held in common i.e. private property is not well defined. Free market economy: Where households own resources and free markets allocate resources through the workings of the price mechanism. An increase in demand raises price and encourages firms to switch additional resources into the production of that good or service. The amount of products consumed by households depends on their income and household income depends on the market value of an individuals work. In a free market economy there is

a limited role for the government. Indeed in a highly free market system, the government limits itself to protecting the property rights of people and businesses using the legal system, and it also seeks to protect the value of money or the value of a currency. Planned or command economy: In a planned or command system typically associated with a socialist or communist economic system, scarce resources are owned by the state (i.e. the government). The state allocates resources, and sets production targets and growth rates according to its own view of people's wants. The final income and wealth distribution is decided by the state. In such a system, market prices play little or no part in informing resource allocation decisions and queuing rations scarce goods. Mixed economy: In a mixed economy, some resources are owned by the public sector (government) and some resources are owned by the private sector. The public sector typically supplies public, quasi-public and merit goods and intervenes in markets to correct perceived market failure. We will come back to all of these concepts later on in our study of microeconomics.

Who owns the factor of production in mixed economy?

Factors of production by govt., by society and privately

who owns the factor of production in free market economy?

The basis of a market economy or a "free-market" is that there is very little control. The market itself controls the factors of production, meaning the consumers' activity regulates prices through supply and demand. Free market production is based on competition, consumerism, and supply and demand rather than complete government intervention and control of resources. A market economy also implies 'perfect-competition' as opposed to price-fixing by oligopolies, etc.

Who controls the factors of production in planned economy?

1. Command economy refers to a planned economic system in which government has full ownership and control over all resources and factors of production ...

Who controls the factors of production in traditional economy?

Governments to some extent can control it, but it mostly is controlled by the rich CEO's and bankers

The Virtues of a Free Market System

Many attempts to discredit free market economics have been made by many writers. However, most of them inadvertently actually provide sufficient evidence of its efficacy as an economic system for Africa. Many proponents of a socialist system envy the European model of social welfare systems but forget to point out that economically many run market systems that allow competition amongst the private sector. The

capitalist system is efficient precisely because it generates wealth and jobs which in turn provide tax revenue to Government to provide the social welfare schemes we would like for poor countries in Africa to copy. Some of the countries cited as examples (Britain and Scandinavian countries) are some of the most well run free market economies with huge multinational firms, like, BP, Nokia, Philips, British Airways, and KLM to name but a few originating from those same countries. More importantly, Britain is the MOTHER of privatisation and deregulation. It should also be noted that even though privatisation in Britain started under the Tories (Conservative Party) the current Labour government has not reversed this process. In fact, Labour has extended privatisation to the health, social security and education sectors successfully. More importantly, the Labour Government soon after taking power in 1997 immediately imposed a windfall tax on UK utility companies as a way of financing social programmes aimed at creating new jobs. Donor agencies from the UK, Sweden and the Netherlands are the biggest proponents of so called propoor market reforms in Africa. DFID is financing a major part of Africas public sector reform; SIDA is financing the financial sector reforms in Africa, while the Dutch are the major financiers of the agriculture sector and private sector development reforms. Free market economic systems are the best way for a country to create wealth and get out of poverty. If we look at the top ten countries based on the UN Human Development Index, we find that highly deregulated countries are in the top ten, namely; 1. Norway 2. Iceland 3. Australia 4. Luxembourg 5. Canada 6. Sweden 7. Switzerland 8. Ireland 9. Belgium 10. United States

virtue of planned economy:

The present and likely future devastation caused by the Gulf Oil spill has almost everyones attention, and rightly so. That this is an event of Blblical proportions is increasingly recognized. Yesterday Garrison Keillor described looking at live pictures on the BP Web site taken by an underwater robot of the greasy waters of the Gulf, and hows that for a Metaphor of our Times? (Chicago Tribune June 2, 2010) Today Jim Wallis, in his blog GODs Politics, declares that we are witnessing a massive despoiling of Gods creation. Its clear that Keillor and Wallis feel the pain of this moment and recognize that we have come to this point as a result of a thousand factors political, economic, cultural, ideological. I dont disagree with their sense of the importance of the event, but I want to strike a contrarian note with respect to where they agree. Keillor lists several of the other plausible causes and adds, but growing demand is whats pushing us toward the next disaster and the next and the next. We are self-centered, short-sighted people, intent on comfort, averse to sacrifice. We know this. Knowing it does not empower us to change. . . . We are a great nation immobilized at the moment by navel-gazers and poseurs and flackmeisters . . . His concluding paragraph captures the over-all tone of resignation: If man is pushing the planet toward extinction, then we should stop doing what were doing, and if we cannot stop ourselves or tolerate government making us stop or slow down, then I suppose we should enjoy the ride . . .. I cant think of anything better to do right now that to sit in my backyard and look at the Mississippi and listen to Bach cello suites and enjoy a dish of ice cream with fresh raspberries. As the Gulf turns dark and the polar ice cap melts, I intend to listen to Bach more and listen to the news less. Jim Wallis is less resigned, as his regular readers would expect, but he does sound a note similar to Keillors: After appropriately denouncing BP and suggesting that it should be made to pay for this crime against the creation likely with its very existence, he adds, I am also reminded of what G.K. Chesterton once said when asked what was most wrong with the world. He

reportedly replied, I am. Wallis follows this up with a reflection on our oil addiction, which has led us to environmental destruction, endless wars, and the sacrifice of young lives, and it has put our very souls in jeopardy. But its not just oil. This past Thursday I attended a meeting sponsored by Kentuckians for the Commonwealth here in Bowling Green at which Colombian indigenous leader Jairo Fuentes Epiayu told of his communitys resistance to the coal mining activities of Dominion Coal, which exports Colombian coal from a huge open pit mine to Massachusetts. Since the early 1990s his village of Tamaquito in La Guajira Colombia has been severely affected by the Cerrejon mine, which has expanded to swallow up lands that the village farmed, and even the neighboring town of Tabaco where Tamaquitos children went to school and adults worked. Since the forced displacement and razing of Tabaco in 2001, Tamaquito has been increasingly isolated, surrounded by the mine. Coal mining related contamination of the land, air and water have caused severe health problems for the villagers. Kentuckian environmentalists understand without difficulty that Colombians face threats similar to those faced by rural communities in Appalachia where mountaintop removal coal mining continues to be practiced. Yesterdays email brought news of a petition drive to protest Mitsubishis planned participation in Pebble Mine in Alaskas Bristol Bay watershed. Described as one of Americas last and most important wild places, Bristol Bay watershed is described as a paradise, with tens of millions of salmon not just supporting an abundance of bears, whales, seals and eagles but also sustaining Native communities that have thrived here for thousands of years. A group of mining corporations, led by Britains Anglo American, plans to create one of the worlds largest open-pit mines in the midst of this ecosystem. The gold and copper mine, if it goes forward, will be two miles long and 2000 feet deep. It will have large earthen dams that are supposed to retain 10 billion tons of waste, despite being built in an earthquake zone. Kentucky, Alaska, Colombia, the Gulf of Mexico just a (small) fraction of the recent outrages of extractive industries whose human, economic, and ecological costs are getting increasingly hard to hide. Unitarian Universalist minister Rev. James Vanderweele of New Orleans observed a month ago: [W]e puncture Gaias epidermis with our most modern syringes. We drain out our earths fluids then throw it into our atmosphere and seem to expect our eco-system will not respond. May this be a warning, a warning we will remember, long after the news-cycle has turned, long after the Gulf returns to health. Are we all to blame? Well, to some extent, surely. But when you have a global problem, surely the cause must be global and structural, even if it has its tentacles in almost every one of us and makes us accomplices sometimes in spite of ourselves. And if it is relatively recent in manifesting itself, whatever one may say of the cause of climate change, there is no doubt that these outrages are generated by human practices and institutions.

If our fossil fuel (and gold and copper . . . ) addictions are to blame, what is their source? We didnt emerge from our primate ancestors wanting all these things. Relentless advertising has for decades gone beyond simply informing us of the availability of products we might want to buy to persuade us that even though we didnt realize it at first, we really, really need them (and besides you deserve it!) But its not enough to finger advertising. What is behind the advertising? Paul Baran wrote in 1957, just as it makes no sense to deplore war casualties without attacking their cause, war, so it is meaningless to sound the alarm about advertising without clearly identifying the locus from which the pestilence emanates: the monopolistic and oligopolistic corporation and the non-price competitive business practices which constitute an integral component of its modus operandi. (cited in J.B. Foster, Theory of Monopoly Capitalism, 1984, p. 206). In response to environmentalist denunciations of the BP Spill, the cynical realists point out how small a dent in our consumption of fossil fuel riding bikes, buying hybrid automobiles, putting solar panels on our roofs, and cutting our consumption of meat is likely to make. What they assume is that there is no alternative to our recently become habitual modes of operation and change. Indeed the challenges are great. Perhaps it is time to reconsider the possible virtues of a rationally planned economy (i.e., one responsive to democraticand scientifically informed discourse). By we I mean human beings concerned with preventing harm to humans and other life forms with which we are inextricably connected rather than conquest of an enemy in war. It wont do to respond to the suggestion of planning that in that direction lies Soviet-style tyranny. The qualifiers democratic and scientifically informed are key. Our current low-intensity democracy and discourse by sound bites that evoke unanalyzed stereotypes will not suffice to heal the severe and growing tears in the interdependent web of terrestrial life. The present and likely future devastation caused by the Gulf Oil spill has almost everyones attention, and rightly so. That this is an event of Blblical proportions is increasingly recognized. Yesterday Garrison Keillor described looking at live pictures on the BP Web site taken by an underwater robot of the greasy waters of the Gulf, and hows that for a Metaphor of our Times? (Chicago Tribune June 2, 2010) Today Jim Wallis, in his blog GODs Politics, declares that we are witnessing a massive despoiling of Gods creation. Its clear that Keillor and Wallis feel the pain of this moment and recognize that we have come to this point as a result of a thousand factors political, economic, cultural, ideological. I dont disagree with their sense of the importance of the event, but I want to strike a contrarian note with respect to where they agree. Keillor lists several of the other plausible causes and adds, but growing demand is whats pushing us toward the next disaster and the next and the next. We are self-centered, short-sighted people, intent on comfort, averse to sacrifice. We know this. Knowing it does not empower us to change. . . . We are a great nation immobilized at the moment by navel-gazers and poseurs and flackmeisters . . . His concluding paragraph captures the over-all tone of resignation: If man is pushing the planet toward extinction, then we should stop doing what were doing, and if we cannot stop ourselves or tolerate government making us stop or slow down, then I suppose we should enjoy the ride . . .. I cant think of anything better to do right now that to sit in my backyard and look at the Mississippi and listen to Bach cello suites

and enjoy a dish of ice cream with fresh raspberries. As the Gulf turns dark and the polar ice cap melts, I intend to listen to Bach more and listen to the news less. Jim Wallis is less resigned, as his regular readers would expect, but he does sound a note similar to Keillors: After appropriately denouncing BP and suggesting that it should be made to pay for this crime against the creation likely with its very existence, he adds, I am also reminded of what G.K. Chesterton once said when asked what was most wrong with the world. He reportedly replied, I am. Wallis follows this up with a reflection on our oil addiction, which has led us to environmental destruction, endless wars, and the sacrifice of young lives, and it has put our very souls in jeopardy. But its not just oil. This past Thursday I attended a meeting sponsored by Kentuckians for the Commonwealth here in Bowling Green at which Colombian indigenous leader Jairo Fuentes Epiayu told of his communitys resistance to the coal mining activities of Dominion Coal, which exports Colombian coal from a huge open pit mine to Massachusetts. Since the early 1990s his village of Tamaquito in La Guajira Colombia has been severely affected by the Cerrejon mine, which has expanded to swallow up lands that the village farmed, and even the neighboring town of Tabaco where Tamaquitos children went to school and adults worked. Since the forced displacement and razing of Tabaco in 2001, Tamaquito has been increasingly isolated, surrounded by the mine. Coal mining related contamination of the land, air and water have caused severe health problems for the villagers. Kentuckian environmentalists understand without difficulty that Colombians face threats similar to those faced by rural communities in Appalachia where mountaintop removal coal mining continues to be practiced. Yesterdays email brought news of a petition drive to protest Mitsubishis planned participation in Pebble Mine in Alaskas Bristol Bay watershed. Described as one of Americas last and most important wild places, Bristol Bay watershed is described as a paradise, with tens of millions of salmon not just supporting an abundance of bears, whales, seals and eagles but also sustaining Native communities that have thrived here for thousands of years. A group of mining corporations, led by Britains Anglo American, plans to create one of the worlds largest open-pit mines in the midst of this ecosystem. The gold and copper mine, if it goes forward, will be two miles long and 2000 feet deep. It will have large earthen dams that are supposed to retain 10 billion tons of waste, despite being built in an earthquake zone. Kentucky, Alaska, Colombia, the Gulf of Mexico just a (small) fraction of the recent outrages of extractive industries whose human, economic, and ecological costs are getting increasingly hard to hide. Unitarian Universalist minister Rev. James Vanderweele of New Orleans observed a month ago: [W]e puncture Gaias epidermis with our most modern syringes. We drain out our earths fluids then throw it into our atmosphere and seem to expect our eco-system will not respond. May this be a warning, a warning we will remember, long after the news-cycle has turned, long after the Gulf returns to health.

Are we all to blame? Well, to some extent, surely. But when you have a global problem, surely the cause must be global and structural, even if it has its tentacles in almost every one of us and makes us accomplices sometimes in spite of ourselves. And if it is relatively recent in manifesting itself, whatever one may say of the cause of climate change, there is no doubt that these outrages are generated by human practices and institutions. If our fossil fuel (and gold and copper . . . ) addictions are to blame, what is their source? We didnt emerge from our primate ancestors wanting all these things. Relentless advertising has for decades gone beyond simply informing us of the availability of products we might want to buy to persuade us that even though we didnt realize it at first, we really, really need them (and besides you deserve it!) But its not enough to finger advertising. What is behind the advertising? Paul Baran wrote in 1957, just as it makes no sense to deplore war casualties without attacking their cause, war, so it is meaningless to sound the alarm about advertising without clearly identifying the locus from which the pestilence emanates: the monopolistic and oligopolistic corporation and the non-price competitive business practices which constitute an integral component of its modus operandi. (cited in J.B. Foster, Theory of Monopoly Capitalism, 1984, p. 206). In response to environmentalist denunciations of the BP Spill, the cynical realists point out how small a dent in our consumption of fossil fuel riding bikes, buying hybrid automobiles, putting solar panels on our roofs, and cutting our consumption of meat is likely to make. What they assume is that there is no alternative to our recently become habitual modes of operation and change. Indeed the challenges are great. Perhaps it is time to reconsider the possible virtues of a rationally planned economy (i.e., one responsive to democraticand scientifically informed discourse). By we I mean human beings concerned with preventing harm to humans and other life forms with which we are inextricably connected rather than conquest of an enemy in war. It wont do to respond to the suggestion of planning that in that direction lies Soviet-style tyranny. The qualifiers democratic and scientifically informed are key. Our current low-intensity democracy and discourse by sound bites that evoke unanalyzed stereotypes will not suffice to heal the severe and growing tears in the interdependent web of terrestrial life.