An economic system is a socially established institution that coordinates human activities in order to produce, distribute and consume goods and services. Goods comprise the commodities that are extracted from the earth and processed such as food, clothing and natural gas among others. Services comprise activities performed for others that result in the tangible products such as transportation, medical care and education among others. Therefore, three ongoing revolutions have shaped the global economic system. These revolutions include agricultural, industrial and information revolutions. These revolutions contain institutions that make them up, are constantly evolving, and will continue to evolve.
An ...