After studying this chapter, you will be able to do the following:
- Define capitalism and identify its major features.
- Describe the historical development of the modern economic system, and explain the key concepts of liberalism, mercantilism, comparative advantage, and hegemon.
- Understand the Bretton Woods System and identify its major features.
- Understand the post–Bretton Woods economic system, and explain the role of neoliberalism within it.
- Define dependency theory and explain its role.
- Identify the group of postcommunist countries developing most rapidly and describe the factors contributing to their growth.
- Identify the key economic actors today and describe how economic trends are affecting their status.