Variation of Capitalism Essay Example | Topics and Well Written Essays - 1750 words

Variation of Capitalism - Essay Example This essay declares  with the globalization of management structures and the integration of global economic systems, all the economic systems in the world are supposed to follow a standardized structure, but in actuality that is not the case. There are several variations in the economic structures in the world, as well as in the practices of capitalism.According to the paper findings  the effort of converging to a single and effective type of market economy, from the late 19th century has been diminished by the substantial variations among the dominant firms, practices of employment, supplier-customer relationships. As the global economy continues to become more integrated, the societies having different institutional arrangements will eventually continue to develop and create a variation in the economic systems.  The variations are on the grounds of economic and social capabilities in particular sectors and industries. As a result, a country becomes specialized in one sector b ut lacks in the other. The UK economy in the late 20th century was strong in financial services and architecture; on the other hand, they were weaker in construction and assembly line manufacturing.  The institutional subsidiary systems which govern the capital and labour market shape the capitalist models, and when they act in a calibrated manner they reinforce all the sub systems.  The comparative advantage system creates specific ways to adjust any incoming changes.