Definition of Economic System
Example of Economic System
Types of Economic System
Economic System Pronunciation
Syllabification: ec·o·nom·ic sys·tem
International Phonetic Alphabet
- American English – /ˌɛkəˈnɑmɪk ˈsɪstəm/
- British English – /ˌiːkəˈnɒmɪk ˈsɪstɪm/
- Plural: economic systems
- “The development of agriculture about 5,000 years ago brought change to [society]. Agriculture emerged as people harnessed animals to ploughs, increasing the productive power of hunting and gathering more than tenfold. The resulting surplus freed some people in society from the demands of food production. Individuals began to adopt specialised economic roles: forging crafts, designing tools, raising animals and constructing dwellings. A division of labour started to become more and more important as size increased” (Macionis and Plummer 2012:464)
- “The educational system helps integrate youth into the economic system, we believe, through a structural correspondence between its social relations and those of production. The structure of social relations in education not only inures the student to the discipline of the workplace, but develops the types of personal demeanour, modes of self-presentation, self-image, and social-class identification which are the crucial ingredients of job adequacy. Specifically, the social relationships of education – the relationships between administrators and teachers, teachers and students, students and students, and students and their work – replicate the hierarchical division of labour” (Bowles and Gintis 1976:131).
- Economic Sociology Resources – Books, Journals, and Helpful Links
- Word origin of “economic” and “system” – Online Etymology Dictionary: etymonline.com
- allocation of resources
- division of labor
- market economy
- market exchange
- reciprocal exchange
- subsistence economy
Bowles, Samuel, and Herbert Gintis.  1976. Schooling in Capitalist America. London: Routledge & Paul Kegan.
Macionis, John, and Kenneth Plummer. 2012. Sociology: A Global Introduction. 4th ed. Harlow, England: Pearson Education.
Ferrante, Joan. 2011. Seeing Sociology: An Introduction. Belmont, CA: Wadsworth.
Scott, John, and Gordon Marshall. 2005. A Dictionary of Sociology. New York: Oxford University Press.
Thompson, William E., and Joseph V. Hickey. 2012. Society in Focus: An Introduction to Sociology. 7th ed. Boston: Allyn & Bacon.
Turner, Bryan S., ed. 2006. The Cambridge Dictionary of Sociology. Cambridge: Cambridge University Press.
Wikipedia contributors. (N.d.) Wikipedia, The Free Encyclopedia. Wikimedia Foundation. (https://en.wikipedia.org/).
Wikipedia contributors. (N.d.) Wiktionary, The Free Dictionary. Wikimedia Foundation. (http://en.wiktionary.org).
ASA – American Sociological Association (5th edition)
Bell, Kenton, ed. 2014. “economic system.” In Open Education Sociology Dictionary. Retrieved November 15, 2019 (https://sociologydictionary.org/economic-system/).
APA – American Psychological Association (6th edition)
economic system. (2014). In K. Bell (Ed.), Open education sociology dictionary. Retrieved from https://sociologydictionary.org/economic-system/
Chicago/Turabian: Author-Date – Chicago Manual of Style (16th edition)
Bell, Kenton, ed. 2014. “economic system.” In Open Education Sociology Dictionary. Accessed November 15, 2019. https://sociologydictionary.org/economic-system/.
MLA – Modern Language Association (7th edition)
“economic system.” Open Education Sociology Dictionary. Ed. Kenton Bell. 2014. Web. 15 Nov. 2019. <https://sociologydictionary.org/economic-system/>.