Question

Please answer the following:

How do the economic systems of Russia, the United States, the United Kingdom vary? How do political policies, property rights, and public choice system in Russia, the United States, the United Kingdom relate or differ?

Any help is appreciated, I always give a thumbs up too, thank you!

Answer 1

Comparison of economic systems of Russia , USA and UK :

RUSSIA:- Russia has an upper middle mixed and transition economy. After world war II , it has changed its way of economic governance drastically after break up of Soviet union and it's command over the entire union economy. It depends heavily on gas and oil exports.

USA: - United States has a mixed economy . It is a highly developed country having world's largest nominal GDP and net wealth.

The economy is among most powerful because of abundant natural resources, well developed infrastructe at its place, and being highly productive. It is also the world's largest producer of petroleum and natural gas.

The Nasdaq and NYSE are world's largest stock exchange in terms of market capitalisation.

UK:- UK is highly developed social market and specially market oriented economy. It is 9th largest in purchasing power parity and and stands 6th in GDP.

Here, service sector dominates, contributing around 80% of GDP, their is highly influential financial market in UK having global reach as London is the second largest financial centre in the world. It's currency, pond sterling , is among 10 most valued currency in the world and is major exporter of manufactured goods, chemicals, food, and beverages.

political policies,property rights and public choice system :

RUSSIA: In constitution , Russia declares itself as a democratic, federative , law based state with a republican form of government. Proeprty rights states the recognition of right to private ownership of land included in land code and sales on farmland law. Citizens enjoy every kind of rights like education,favourable environment, literary freedom, or cultural life freedom as well. Although there are multiplw alligations on russian federation of curtailing the freedom of speech by censoring media.

UNITED STATES It is a two party system dominated by the democratic aprty and the republican party. These two parties have Controlled US govt since 1856. Property rights involves clause stating no privste property can be taken for public use without just compensation.govt can take property in two ways , outright and through regulations. Public choice with insurance motives for public assistance in the United States on the basis of survey data collected and surveyed on legal behaviour and judgement, and evaluation of the legal system.

UNITED KINGDOM The UK political system is a parliamentary democracy functions under constitutional monarchy. The federal right lies with the government elected. It's property law consists of acquisition, sharing, and protection of valuable assets in England and Wales .It has topics like English land law and real property. The public choice system is two party simple majority systems where public enjoy all the basic fundamental rights and freedom.