Sample Essay on Comparative Economic Systems

untry Population and population density Income category GDP Growth rate GDP per capita Income Distribution



Economic system Political system HDI Literacy rate
USA 309975000

32.19 per sq. km

High income: OECD 2.4 $ 17.42 trillion 0.50 Capitalism Constitution-based federal republic 0.914 High
Qatar 1696563

148.34 per. Sq. km

High income: non OECD 6.2 $ 211.8 billion 0.56 Socialism Emirate 0.37 Relatively high
Singapore 4987600

7197.11 per sq. km

High income: non OECD 2.9 $ 307.9 billion 0.61 Capitalism Parliamentary republic 0.901 High
Canada 34207000

3.43 per sq. km

High income: OECD 2.5 $ 1.787 trillion 0.438 Capitalism Federation 0.902 High
Kenya 40863000


Lower middle income 5.3 $ 60.94 billion 0.31 Capitalism Republic 0.535 Middle
South Africa 49991300

40.98 per sq. km

Upper middle income 1.5 $ 349.8 billion 0.66 Capitalism Republic 0.658 Relatively high
China 1339190000

139.54 per sq. km

Upper middle income 7.4 $ 10.36 trillion 0.61 Communism Communist state 0.891 High
Brazil Population 193364000

22.72 per sq. km

Upper middle income 0.1 $ 2.346 trillion 0.51 Capitalism Federal republic 0.744 Middle
San Marino 32386

530.92 per. Sq. km

High income: non OECD   $ 1.900 billion 0.49 Capitalism Republic   Relatively high
Switzerland 7782900

188.49 per sq. km

High income:  OECD 1.9 $ 685.4 billion 0.53 Capitalism Federal republic 0.914 High

The economy and social nature of USA is what many will term as liberal with the country being considered as the best economy in the world. With one of the highest GDP, the economy, since the 2008 world economic crisis, has been improving consistently. The socio-economic condition of Qatar is considered be in a stable condition with the World Bank categorizing it as one of the freest economy in the work at 32nd position. With vas natural resources endowments (gas and oil), the economy is currently booming.

The country also enjoys higher standards of living with majority of the populace living above the poverty line. However, rigid cultural regulations inhibits the development of the nation to some extent. As of 1960s, the economy of Singapore was extremely down and was largely a third world country. However, the country, with the help of a vibrant and visionary leadership, invested more on the technology and is currently considered a world economic power. With no notable resource endowment, Singapore is arguably a global technological hub.

Kenya, on the other hand, a lower middle income economy, according to the 2014 World Bank report, is an economic hub in East and Central Africa. Being strategically placed, the country is considered as a gate way to central and Southern states in Africa and is currently facing one of the highest growth rates in the world. China, a largely communist country with one of the highest population in the world is considered the fastest growing economy globally. With an ever-increasing population, the country is considered an upper middle income state. Increased involvement in international affairs and technological advancements makes the country a force to reckon with in world stage. Brazil, a country strategically placed in the Latin America has since growth both in economic sense and on a number of social aspects. San Marino, one of the world’s smallest countries with a population of approximately 30, 000 populace has a relatively stable economy. Switzerland is actually high-income country with one of the highest growth rates in the world.

Work Cited

Gwartney, James, Robert Lawson, and Seth Norton. Economic freedom of the world 2008 annual report. The Fraser Institute, 2008.