1. Traditional

2. Command

3. Market

- Post-WWII: Soviet Command, USA Free Market, Others

- Cold War (50s-70s): Vietnam, China, USSR

- USSR Collapse & Transition Signals

- GDP per capita: every man, woman, or child

- Most important indicator of standard of living

- Real GDP & Price Index (2015 base year)

- Problems: loss of power, culture change, cost-benefit issues

- 5-year plans & quotas (steel example)

- Perestroika (1985): restructuring, market economy, private property

- Civil War (1939-1949), Mao’s Revolution

- 1958 5-year plan, Great Leap Forward (disaster)

- Economic rise: market reforms, gradual transition

- Challenges: aging population, pollution