An economic system is a mechanism (social institution) which deals with the production, distribution and consumption of goods and services in a particular society.

The economic system is composed of people, institutions and their relationships. It addresses the problems of economics, like the allocation and scarcity of resources.

The division of economic systems

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The Economist: Middle East and Africa

A surprising move
Thu, 17 Jul 2008 12:29:20 -0000
Why America is sending a top man to talk directly to the IraniansWHEN William Burns, a top American diplomat, sits down with five colleagues from Britain, China, France, Germany and Russia in Geneva and the EU's Javier Solana on July 19th to hear Iran's response to their latest offer of talks to end its nuclear defiance, it will be a double first. The first time America has fielded so senior an official for direct talks with Iran on nuclear matters (though lower-ranking ones have talked about Iraq, and America is musing about sending a couple of diplomats back to Tehran after an absence of 30 years). And the first time Iran has not simply backed away at such a revolutionary prospect. Whether it will lead on to what America and the other five hope--a six-week freeze on further expansion of Iran's uranium-enrichment effort and on further UN sanctions, followed by enrichment suspension and negotiations on a clutch of incentives to end the work altogether--is anyone's guess. Iran's fiery president, Mahmoud Ahmadinejad, says that the uranium work will go on. So long as America understands that, he says, talks can go ahead on an "equal footing". ...
A worthless currency
Thu, 17 Jul 2008 12:29:20 -0000
The local dollar is fast shrivelling awayWITH prices doubling every few days, Zimbabweans now spend huge amounts of time and energy preventing their meagre cash resources from completely evaporating. Trying to catch up with galloping hyperinflation, now officially running at 2.2m per cent a year and at least four times faster in reality, the central bank has been printing ever bigger denominations. But it is outrun by galloping prices: at last count, the most valuable banknote available was for 50 billion Zimbabwean dollars, now worth barely 70 American cents on the black market, and the stock of Zimbabwean dollars is dwindling. Local cash could become scarcer still, now that the German company that was providing Zimbabwe with paper to print its banknotes has cancelled its contract; the Zimbabwean monetary authorities are likely to turn to a less specialised supplier. Meanwhile, people do not even bother to pick up notes of hundreds of thousands on the pavements of Harare, the capital. At independence in 1980, the Zimbabwe dollar was more valuable than the American greenback.It may seem odd that the local currency is still used at all. From Z$25 billion to the American dollar at the beginning of this month, the cash exchange rate had jumped threefold within a fortnight. In restaurants or shops, prices are still quoted in local currency but revised several times a day. Salaries are paid in Zimbabwean dollars, still the only legal tender. A minibus driver taking commuters into Harare every day still charges his clients in Zimbabwe dollars--but at a higher price on the evening trip home--and changes his local notes into hard currency three times a day. The local money is losing its relevance. ...
Sudan?s leader is accused, but others can expect to follow
Thu, 17 Jul 2008 12:29:20 -0000
Will the indictment of Sudan's president for alleged war crimes help or hinder the prospects for peace in Darfur?ONCE again, the battle between peace and international justice has been joined. On one side are those who predict that this week's decision by Luis Moreno-Ocampo, chief prosecutor of the International Criminal Court (ICC), to seek to indict Sudan's president, Omar al-Bashir, for genocide will bring even more bloodshed and suffering to Darfur, his country's ravaged western region. On the other are those who say that giving in to Mr Bashir's blackmail--by withholding an indictment in the hope that he will co-operate with UN and other peacekeepers--will undermine the fledgling court's credibility and encourage other murderous tyrants.It is the first time that the court has gone after a sitting head of state. Serbia's Slobodan Milosevic and Liberia's Charles Taylor were both presidents when first charged with war crimes, but they were brought to book by other international tribunals. It is also the first time the court has sought an indictment for genocide, the gravest of all international crimes. Until now, only the United States had attached that label, with its implied obligation of international intervention, to what has been going on in Darfur for the past five years. ...
The most dangerous seas in the world
Thu, 17 Jul 2008 12:29:20 -0000
Pirates are terrorising the high seas off Africa's east coastON A dazzling morning in April, the Playa de Bakio, a Spanish fishing boat, limped into paradisal Port Victoria in the Seychelles, damaged by grenades. Its crew of 26 was shaken. A Spanish military aircraft flew them to momentary fame in Spain. The fishermen had been held by Somali pirates for a week and freed after a ransom of $1.2m--so it was rumoured--was paid, in contravention of Spanish law.The boat, a big industrial vessel known as a purse seiner, was easy prey. The pirates attacked on a speedboat launched from a mother ship, a captured Asian fishing ship known as a longliner. Once on board, they regaled the crew with tales of famine in their villages. Some of the Spaniards felt sorry for them. When one of the pirates stripped his shirt off, "he was all bones, no meat at all," said a Basque crewman. The Spaniards were less enamoured of the pirates when they threatened them with machineguns and knives. "They valued life less than cockroaches," said the skipper. ...
After the storm, the stalemate
Thu, 10 Jul 2008 13:30:55 -0000
A negotiated end of the power struggle looks far offTHERE were more harsh words for Zimbabwe's president, Robert Mugabe, this week, as well as more promises of tough action against his regime following his re-election in a sham one-man run-off on June 27th. But, equally, there was also more evidence that the world remains divided--and often bitterly so--on what to do about him. The only person who profits from these divisions is Mr Mugabe himself.The Zimbabwean impasse figured high on the agenda of the G8 gathered in Japan. Prompted mainly by Britain's prime minister, Gordon Brown, the rich-countries' club, including Russia, heavily criticised the Zimbabwean election, saying that they would not accept the "legitimacy" of Mr Mugabe's new government. The G8 promised to take "further steps" against 13 of Mr Mugabe's inner circle who are responsible for organising most of the violence in the country. Targeted sanctions and an arms embargo were expected to be proposed at the UN Security Council. Some African countries, such as Botswana and Nigeria, also condemned the election. It is unfortunate that Zambia's president, Levy Mwanawasa, suffered a debilitating stroke last week; he had become one of Mr Mugabe's most effective critics. ...
Coming to a city near you?
Thu, 10 Jul 2008 13:30:55 -0000
Be very afraid, pleaseAMERICA and Israel often hint at military action to stop Iran's suspected nuclear-weapons programme. The latest rumblings, however, may be more serious. The atmosphere has been charged by a combination of factors: Iran's expanding uranium-enrichment programme, faltering diplomatic efforts to halt it, a dying American administration and a nervous Israel. Throw in the latest war games by Israel, America and Iran--and Iran's apparent rejection of the latest international incentives to halt its nuclear work--and some reckon the sparks could soon fly.On July 9th Iranian television showed the test-firing of nine missiles (see picture), a day after an aide to the supreme leader, Ayatollah Ali Khamenei, threatened to "burn" Tel Aviv and American ships in the Gulf, and strike at America's "vital interests around the globe", if it were attacked. More tests took place on July 10th. ...

L.A. Times - Middle East

Iran rules out suspending enrichment program
Sat, 19 Jul 2008 06:18:00 -0700
Critical talks in Switzerland over Iran's nuclear program began today with Iranian and United States officials making their highest-level diplomatic contacts since the 1979 Islamic revolution.
Obama arrives in Afghanistan
Sat, 19 Jul 2008 03:15:00 -0700
It's the candidate's first visit to the violence-torn nation, his first stop on a war-zone tour that will also take him to Iraq. KABUL, Afghanistan -- Democrat Barack Obama arrived today in Afghanistan on his first overseas trip since he began his successful run for his party's presidential nomination.
Bush agrees to 'time horizon' for Iraq withdrawal
Sat, 19 Jul 2008 00:00:00 -0700
In a video call with Iraqi Prime Minister Maliki, he says troop withdrawals still would be tied to security conditions. The shift is seen as an effort to break a deadlock in talks on security pact. President Bush has agreed to a "general time horizon" for withdrawals of U.S. combat troops from Iraq, the White House announced Friday in a marked softening of his long-standing opposition to deadlines for reducing the American presence.
Obama trip full of opportunity and risk
Sat, 19 Jul 2008 00:00:00 -0700
His foray to the Middle East and Europe could improve his image on foreign policy -- or validate GOP-fostered doubts. On his trip to the Middle East and Europe, Barack Obama hopes to reassure Americans that he has the foreign-policy expertise to keep the nation safe. Images beamed back from Jerusalem, Berlin and other cities next week will show him meeting heads of state with all the formal trappings of summitry.
In Egypt, inflation means one precious day at the beach
Sat, 19 Jul 2008 00:00:00 -0700
A family savors what brief vacation it can afford. They left the Nile Delta before dawn, piling into a van and driving across the green flatlands toward the coast, plopping on the sand and diving into the surf, watching the sun rise over the jetties and trawlers churn the horizon.
Iran's tough talk on U.S. continues
Sat, 19 Jul 2008 00:00:00 -0700
As Washington sends an envoy to nuclear talks in Geneva, an ayatollah leads worshipers in a fiery prayer session in Tehran. Though the Bush administration appears to be making a late adjustment to its Iran policy, there was little evidence of a gentler Iranian attitude toward the United States at weekly prayers Friday.

NPR Topics: Middle East

Lebanese Celebrate Return Of Five Prisoners
Wed, 16 Jul 2008 13:09:00 -0400
Five Lebanese prisoners and the bodies of almost 200 others held in Israel are being turned over to Lebanon in exchange for the bodies of two Israeli soldiers captured in a Hezbollah raid in 2006.
In Wake Of Prisoner Swap, Israel Mourns, Reflects
Wed, 16 Jul 2008 10:52:00 -0400
Two Israeli soldiers return home in coffins, two years after their kidnapping sparked a month-long war between Israel and Lebanon. They were sent back in exchange for Israel's release of five Lebanese prisoners. The country now reflects on the consequences of negotiating with Hezbollah.
Israel Releases Prisoners In Swap With Hezbollah
Wed, 16 Jul 2008 07:35:00 -0400
Israeli officials freed five Hezbollah militants on Wednesday as part of a deal in which they received the bodies of two soldiers captured by the militant group. The move included the controversial release of Samir Kantar, who had been serving multiple life terms for a grisly 1979 attack.
Israel, Hezbollah Agree To Prisoner Exchange
Wed, 16 Jul 2008 10:44:00 -0400
Two summers after their kidnapping led to war, two soldiers' remains have been reclaimed by Israel. The Lebanese group Hezbollah handed them over in exchange for Israel giving up five prisoners and the bodies of many more fighters.
McCain, Obama Offer Two Paths On Mideast Policy
Tue, 15 Jul 2008 16:45:00 -0400
America's role as a mediator between Israelis and Palestinians has been a divisive issue on the campaign trail, with Democrat Barack Obama and Republican John McCain differing in approaches to handling the tense political situation in the Middle East.
New Mediterranean Union Aims To Promote Peace
Mon, 14 Jul 2008 11:30:00 -0400
Leaders from Europe, North Africa and the Middle East have pledged to work for a Middle East free of weapons of mass destruction. The Mediterranean regional summit's launch Sunday in Paris marked a few firsts, like bringing Syria's president to the table with Israel's prime minister.

UN News Centre - Middle East

Lebanon: UN border assessment team begins second mission
Fri, 18 Jul 2008 00:00:00 -0500
The independent United Nations team tasked with assessing the monitoring of the Lebanese border with Syria has begun its second mission to Lebanon, it was announced today.
International staff with UN health agency return to Baghdad on permanent basis
Thu, 17 Jul 2008 00:00:00 -0500
The United Nations World Health Organization (WHO) said today that it has restored a permanent international staff presence in Baghdad for the first time since a suicide bomb attack on the world body's Iraq headquarters in 2003 left 22 dead and 150 wounded.
Israel joins UN corporate responsibility pact
Wed, 16 Jul 2008 00:00:00 -0500
The United Nations Global Compact, a voluntary initiative for social responsibility in private enterprise, was officially launched in Israel today, in a ceremony hosted by Foreign Minister Tzipi Livni.
In Iraq, UN welcomes efforts to include women in election party lists
Wed, 16 Jul 2008 00:00:00 -0500
The United Nations Assistance Mission for Iraq (UNAMI) today said it was encouraged by steps taken to include protections in a draft election law ensuring that women have the opportunity to serve on governorate councils.
Ban encouraged by prisoner exchange between Israel and Hizbollah
Wed, 16 Jul 2008 00:00:00 -0500
Secretary-General Ban Ki-moon has welcomed today's long-anticipated prisoner exchange between Israel and the Lebanese group Hizbollah, following months of United Nations-backed mediation efforts.
Iraq: UN welcomes successful launch of over 500 voter registration update centres
Tue, 15 Jul 2008 00:00:00 -0500
The United Nations Assistance Mission for Iraq (UNAMI) congratulated the Independent High Election Commission (IHEC) for today's successful opening of 563 voter registration update locations across the war-torn nation.

NYT > Middle East

Bush, in Shift, Accepts Idea of Iraq Timeline
Sat, 19 Jul 2008 06:11:36 -0000
President Bush’s concession reflected both progress in stabilizing Iraq and the depth of opposition in both countries to an open-ended U.S. military presence.
Iran Open to U.S. Diplomatic Talks, Official Says
Sat, 19 Jul 2008 04:24:09 -0000
Iran’s foreign minister said on Friday that his country was open to discussing an American diplomatic presence in Tehran.
Failure to Fix Base Hazards Worried Pentagon Official
Sat, 19 Jul 2008 06:44:02 -0000
The Pentagon had failed to act after its own safety survey found widespread electrical problems at American bases that had led to a series of deaths, injuries and fires, an expert said in an internal message.
World Briefing | Middle East: Israel: 6 Charged in Qaeda Plan
Sat, 19 Jul 2008 04:20:30 -0000
Two Arab citizens of Israel and four Palestinian residents of East Jerusalem were charged with planning to set up a network of Al Qaeda in Israel, said Shin Bet.
Electrical Risks at Iraq Bases Are Worse Than Said
Fri, 18 Jul 2008 17:14:02 -0000
Shoddy work by private contractors is causing more deaths and injuries on U.S. military bases in Iraq than previously acknowledged, according to documents.
News Analysis: Talks Signal Mideast Shift
Fri, 18 Jul 2008 06:38:51 -0000
The United States, Israel and some of their European allies have begun to recognize that trying to defeat their enemies in the region by isolating them has failed.

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