Course Contents

Evaluation of Economic Systems Classification of Economic Systems, Historical Development Criteria for Evaluation of an Economic System, Basic Differences between Economic Systems. Capitalism Definition, Historical Development, Pre-Requisites of Capitalism, Competitive and Monopoly Capitalism, Economic Institutions of Capitalism. Distinction between private and Public Property and Production, Price Systems, Profit Maximization/Cost Minimization and Competition. Economic Decision Making under Capitalism. Evaluation of Capitalism in USA and Europe Capitalism, Market System and Environmental Problems. Communism and Socialism Meaning and Nature, Communism and Power to the Centre. Concepts of Ownership and Production. Various types of Communism, Marxism, Socialism, Economic Planning and Decision Making. Achievements and Failures, Communism / Socialism in USSR, China and Other parts of the World. Modern Trend and its failure, Convergence of Capitalism and Socialism. Present Status of Socialism Economic System of Islam Distinctive Features, Basic Economic Values of Islam. Economic Institutions and their Role, Property Rights, Production and Distribution System. The Concept of Welfare State. Comparative Analysis: Islamic System, Capitalism and Communism Economics of the Developing World The Americas: The Western Hemisphere: An Introduction, The United States: The Service Economy Latin America: The Jaguars Awaken. Western Europe: The European Economy: The United Kingdom: Declining Capitalism, Germany: Unifying the Social Market Economy, France: Planning in the Market Economy, Sweden: Whither the Welfare State? Central Eurasia: Central Eurasia and Eastern Europe: History and Overview, The Political Economy of Soviet-Style Central Planning, Central Eurasia: Socialist Economic Reform, Central Eurasia: Making Markets Asia and Africa: Asia and the Pacific Area: An Overview, Japan: Rebuilding after the Bubble, China: The Continuing Revolution, Africa: The Challenge of Development Economic System in Pakistan Brief Economic History of Pakistan. The Mixed Economy, Nationalization and its Impacts. Operations under Mixed Economy, Privatization and Liberalization in the 1990’s and 2000’s.Islamisation in Pakistan: Process and Problem, Achievements and Experience. Islamic Economics as Global System of Equity and Welfare

Course Synopsis

This course is designed as an introduction and review of the major questions and analytical approaches concerning how market-oriented, mixed, centrally planned and developing economic systems are organized to obtain major economic and social goals such as economic growth, security, price stability, an equitable income distribution and enhanced quality of life. This course will examine the interrelationships between the political system of a country, its economic system, and the historical development of both. This course will include several case studies of selected national economies.