Economic systems mainly deal with the relationships between production/supply and consumption/demand: manufacturing, regulation, circulation, and distribution. P. Hall and D. Soskice (2001) argue that national economic systems often experience external shocks, but adjust, and restore equilibrium. W. Eucken (1952) holds that 19th-century laissez-faire shows that ‘the economic system cannot be left to organize itself’, a view confirmed by the economic crises of recent years, and the calls for better regulation. N. Brenner and R. Kiel (2006) highlight the interplay between the global and the local within the economic system.
Subjects: Earth Sciences and Geography.