The United States, England, and Japan are all examples of market economies. Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production.
China has an upper middle income, developing, mixed, socialist market economy incorporating industrial policies and strategic five-year plans. It is the world's second largest economy by nominal GDP, behind the United States, and the world's largest economy since 2016 when measured by purchasing power parity (PPP).
economy of Japan, third-largest economy in the world, as measured by GDP. Japan has a market economy that grew extraordinarily quickly for several decades after World War II.
Which country is the best example of a market system?
The US has primarily a free-market economy because there are few industries reserved for the government. Singapore is another example of a free-market economy because more cash can be taken in and out of the country (less government regulation) than can be carried in and out of the US.
Germany's "social market" economy largely follows market principles, but with a considerable degree of government regulation and wide-ranging social welfare programs. Germany is the largest consumer market in the European Union with a population of 82.4 million.
Germany has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Germany is a member of the European Union (EU).
The Russian economy is considered to be a mixed economy, which is a mix of free market economies, where the economy is determined by the buyers and sellers, and command economies, where the economy is controlled by the government.
The country of North Korea, officially known as the Democratic People's Republic of Korea (DPRK), has an isolated and tightly controlled command economy. In a command economy, the economy is centrally planned and coordinated by the government, making it a standard component of any communist country.
Following the collapse of the Soviet Union, Russia underwent a radical transformation, moving from a centrally planned economy to a globally integrated market economy.
Egypt has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. Egypt is a member of the League of Arab States (Arab League) and the Common Market for Eastern and Southern Africa (COMESA).
The economy of Cuba is a mixed planned economy dominated by state-run enterprises. Most of the labor force is employed by the state. In the 1990s, the ruling Communist Party of Cuba encouraged the formation of worker co-operatives and self-employment.
The government system is constitutional monarchy and a Commonwealth realm; the chief of state is the queen, and the head of government is the prime minister. The United Kingdom has an advanced open market economy in which the prices of goods and services are determined in a free price system.
Approximately 89% of Canada's land is Crown land. Canada has one of the highest levels of economic freedom in the world. Today Canada closely resembles the U.S. in its market-oriented economic system and pattern of production.
The economy of Singapore is a highly developed free-market economy with dirigiste characteristics. Singapore's economy has been consistently ranked as the most open in the world, the joint 4th-least corrupt, and the most pro-business.
Ukraine has a mixed economic system in which there is a limited private freedom, combined with centralized economic planning and government regulation.
The economy of Japan is a highly developed/advanced social market economy, often referred to as an East Asian model. It is the fourth-largest in the world by nominal GDP and also the fourth-largest by purchasing power parity (PPP). Japan is a member of both the G7 and G20.
South Africa has a mixed economy in which there is a variety of private freedom, combined with centralized economic planning and government regulation. South Africa is a member of the Southern African Development Community (SADC).
France has a mixed economic system which includes a variety of private freedom, combined with centralized economic planning and government regulation. France is a member of the European Union (EU).
The economy of France is a highly developed social market economy with notable state participation in strategic sectors. It is the world's seventh-largest economy by nominal GDP and the ninth-largest economy by PPP, constituting around 4% of world GDP.
The highly centralized Belarusian economy emphasizes full employment and a dominant public sector. It has been described as a welfare state or market socialist. Belarus is the world's 74th-largest economy by GDP. $79.7 billion (nominal, 2022 est.)
As of 2023, Turkey's economy is the 17th-largest in the world, and 7th-largest in Europe by nominal GDP. It is also the 11th-largest in the world, and 5th-largest in Europe by PPP. According to the IMF, Turkey has an upper-middle income, mixed-market, emerging economy.
The government system is a limited democracy; the chief of state is the president of China, and the head of government is the chief executive of Hong Kong. Hong Kong has a free market economy in which the prices of goods and services are determined in a free price system.
