The globalized economy as a result of divergent economic models

Abstract

There are many types of economic systems around the world. Although they all share basic features, each has its own distinctive elements, operating on the basis of a unique set of conditions and assumptions, formulated in response to the implementation or adoption of economic development models. Thus, the understanding of the concepts underpinning, the economic model relates to the specific context of the social, political, economic, and cultural fields. Without a knowledge of these foundations, it would be difficult to discuss economic systems. Moreover, the meaning of this concept is evolving in line with the changes of the international ecosystem and the ideology of cultural values and patterns. Lately, the economy has sought to meet the challenges of globalization, and in particular, the changes that it imposes on the economic and social systems of our societies, in the context of competitiveness that must be taken into account in order to support growth and sustainable development. For a better understanding of the phenomenon, I used a research method based on overlaying data from different sources of research, comparing, eventually, the degree of similarity. The purpose of this paper was to analyze the main features of the most relevant global economic development models: the European socio-economic model, the East Asian model, and the American capitalist economic model, highlighting how the mentioned models vary on the three continents, as well as the adjustments they have caused overtime in the dynamics of economic development. The findings are explained in the conclusion section.