I Sir! I Choose Circular Economy

This week, I sat in an undergraduate economics class for freshmen where my colleague taught on types of economic systems. It was interesting been refreshed by the  knowledge sharing session. He highlighted four economic systems - traditional, capitalist, command, and mixed economies - and discussed perceived advantages and disadvantages of each.




The framework of the various systems dictate economic and socio-political mechanisms via which economic problems are solved and basic questions answered. For instance, whereas primitive values, habits and customs may inform answers to the basic economic questions in a traditional economic system, the central governing authority holds the resource key and pulls the economic trigger in a command economy. 


Majority of students who spoke unanimously from some residual knowledge and experiential perspective, disfavoured the notion of a 'command economy', stating that it will likely be authoritarian in scope and their opinion may not matter. In this wise, they posited that individuals within any economy should be able to contribute meaningfully to the process of production and value creation.


At the end of the class, there was a poser to the students which stirred up a class discussion session. The paraphrased question was: Which of these economic systems is more advantageous and preferable to you?


Given my bent for sustainable development and inclusive economic growth, my preferred type of economic system is a zero-waste circular economy. In my framework of a circular economy, all economic units and agents are equally essential. 


In a circular economy, individual governance, household governance, corporate governance, state governance and global governance systems work in harmony  to optimize the objective functions of sustainable development. I think we can create win-win outcomes while esteeming people, saving the planet, fostering peace, sharing prosperity and building partnerships that work. 


What do you are your perspectives on types of economic systems? Please feel free to share your thoughts in the comments section.


Photo credit: Ellen MacArthur Foundation

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