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

---

More on [ Economic system ]

The Economist: Middle East and Africa

Iraq:
Thu, 21 Aug 2008 11:47:15 -0000
Private contractors in Iraq operate in a legal limbo. That may changeTHE American federal agency that monitors progress in rebuilding Iraq recently gave warning to Congress that proposed changes in Iraqi law could provoke an exodus of private contractors, who remain a crucial part of the American presence in the country. In particular, proposals by Iraq’s government to end the contractors’ immunity from prosecution in Iraqi courts is a contentious aspect of the Status of Forces Agreement (SOFA) that will, among other things, define the Americans’ legal status in Iraq after the UN mandate ceases, at the Iraqis’ request, at the end of this year. This week American and Iraqi negotiators sounded close to an agreement. But it was still unclear whether contractors’ immunity, let alone a date for America’s troop withdrawal, has been nailed down.If all the privateers in Iraq ran scared of the new law, the American coalition’s manpower would be drastically squeezed. The Congressional Budget Office says that 190,000 people work for contractors in Iraq. Some 38,000 are American, 82,000 hail from elsewhere and 70,000-plus are Iraqi. But the law under which the foreigners operate has been murky. “We should have figured out the laws first and then hired the guys,” says Peter Singer of the Brookings Institution, a Washington think-tank. “We did the opposite.” ...
Algeria:
Thu, 21 Aug 2008 11:47:15 -0000
Islamists linked to al-Qaeda may be reviving their campaign in the Maghreb“THIS looks like Iraq, not Algeria,” declared a distraught witness to the carnage of a bombing that killed 43 police recruits in a town to the east of Algeria’s capital, Algiers, on August 19th. His words were apt. There has been a dramatic rise in attacks by Islamist extremists in the country during the past fortnight, with at least 79 people killed in various incidents across eastern Algeria, most of them in a spate of suicide bombings similar to those that have ravaged Iraq. The targets have been similar too, including police stations, a coast-guard outpost, and a bus transporting Algerian workers for a big Canadian company. The attacks appear to be the work of Algeria’s main remaining Islamist guerrilla group, which in 2006, after contacts with al-Qaeda’s mother organisation, renamed itself al-Qaeda in the Islamic Maghreb (AQIM). Earlier this month it issued a chilling warning to Algeria’s pro-Western rulers: “We tell the sons of France, the slaves of America and their masters, too, that our finger is on the trigger, and the convoys of martyrs are longing to rampage your bastions in defence of our Islamic nation.” ...
Liberia:
Thu, 21 Aug 2008 11:47:15 -0000
Ellen Johnson-Sirleaf, halfway through her first term as president, is doing well IN HER inaugural speech in January 2006, Africa’s first female head of state set out the daunting tasks facing Liberia, citing her determination to heal the awful wounds inflicted during the civil wars of 1989 to 2003 by her various appalling predecessors, including Charles Taylor, now on trial for war crimes at The Hague. Ellen Johnson-Sirleaf, a former World Banker, also promised to reduce Liberia’s dire poverty and to consolidate democracy. On the whole, she has made progress—albeit with a lot of help from friends abroad. Liberia is more stable these days, thanks in part to a large force of UN peacekeepers, whose numbers are due to fall from 13,000 to just under 10,000 by the end of 2010. Security is gradually to be taken over by a revamped national police force and a new army, both being recruited and trained by an American firm, DynCorp, which is being paid by the United States. ...
Nigeria:
Thu, 21 Aug 2008 11:47:15 -0000
Doubts persist about Nigeria’s banksTHE bright logos of Nigeria’s financial institutions adorn the tallest and poshest office blocks in central Lagos, the country’s commercial capital, testimony to years of impressive growth in banking. But now, after a rocky year, there are worries that some of the optimism may have been overblown. The reform of Nigeria’s creaking, corrupt banking system was one of the big achievements of President Olusegun Obasanjo in his second term in office (2003-07). As part of a policy to squeeze weak or failing banks out of business, in 2005 the Central Bank of Nigeria raised banks’ capital requirements. In a hectic round of consolidation, the number of banks dropped from 89 to 24. Those that remained have had a very good few years, with massive local expansion and sometimes triple-digit growth in their share prices. And with less than a fifth of Nigerians keeping their money in banks and with fast growth led by private companies, there still seems to be plenty of potential for more business. Banks surveyed by a Lagos-based stockbroker, Afrinvest, showed that median before-tax earnings had risen by 141% year-on-year by June. ...
Zambia:
Thu, 21 Aug 2008 11:47:15 -0000
The death of a decent president, Zambia’s Levy Mwanawasa, raises questions about the state of leadership elsewhere in the continentON PAPER, Levy Mwanawasa should never have been president. He lacked charisma, wit or style—the sort of qualities that propel populists to high office in much of Africa. At rallies even his own supporters were fast bored by the former lawyer’s monotone drawl. His ill-health and slurred speech, the results of a car crash, led to nasty jibes about his mental capacity. When he narrowly won his first, disputed, presidential election in 2001, opponents dubbed him “the cabbage”, deriding him as a stooge for others more powerful.But Mr Mwanawasa, who died this week in France after suffering in June the latest of several strokes, deserves to be remembered more fondly than the showmen who have beggared much of the continent. In the past seven years he made a serious effort to clean up Zambia’s pervasive corruption. At some political risk, he turned against his predecessor and one-time patron, the diminutive Frederick Chiluba, who was charged with 168 counts of theft. Mr Chiluba was convicted of graft in a civil court in London last year. It was a rare success: few African leaders have been held to such account. ...
Saudi Arabia:
Thu, 21 Aug 2008 11:47:15 -0000
Feeding its own people more cheaplyWHILE Saudi Arabia sets up its first sovereign wealth fund, ordinary Saudis are more preoccupied with the rising price of food. This is prompting the Saudi government to consider a new direction for foreign investment: buying farms in the poorer parts of the world. Inflation in Saudi Arabia is running in double digits, its highest rate for three decades. Last December, 19 prominent Saudi clerics gave warning that inflation constituted a crisis that would lead to social unrest and crime. Since then, the poorest Saudis have got poorer, with prices going up across the board because of rapid monetary growth. Food and housing costs are rising fastest. ...

L.A. Times - Middle East

Hezbollah presence in Venezuela feared
Wed, 27 Aug 2008 00:00:00 -0700
The Lebanese Shiite militia, linked to deadly attacks in Argentina in the 1990s, may be taking advantage of Chavez's ties with its ally Iran, terrorism experts say. Western anti-terrorism officials are increasingly concerned that Hezbollah, the Lebanon-based Shiite Muslim militia that Washington has labeled a terrorist group, is using Venezuela as a base for operations.
Iraq bombing kills 28 at police station
Wed, 27 Aug 2008 00:00:00 -0700
The suicide bombing targeting recruits in Diyala province has the hallmarks of an attack by the Sunni Arab insurgent group Al Qaeda in Iraq. A suicide bomber attacked recruits waiting outside a police station Tuesday in Iraq's restive Diyala province, killing 28 people and wounding 45, witnesses and Interior Ministry officials said.
U.N. cites evidence that U.S. attack in Afghanistan killed 90 civilians
Wed, 27 Aug 2008 00:00:00 -0700
The U.S. military stands by its account that 25 militants and five civilians were killed in the operation Friday in Herat province. The United Nations said Tuesday that "convincing evidence" exists that an American-led operation killed 90 civilians. The U.S. military stood by its account that 25 militants and five civilians were killed.
World briefing
Wed, 27 Aug 2008 00:00:00 -0700
Hijackers force jet to land in Libya / Mugabe jeered in parliament / Computer with bank data sold / Guard, 50 horses die in storm / Ex-leader of Malaysia wins Parliament seat / Canada to map Arctic resources SUDAN Hijackers force jet to land in Libya
Ex-Marine's testimony links squad leader to Iraqi prisoner killings
Wed, 27 Aug 2008 00:00:00 -0700
The former lance corporal says he saw Sgt. Jose Nazario standing over a dead Iraqi while holding an M-16 during a 2004 raid in Fallouja. Nazario is accused in the slayings of four unarmed Iraqis. A former Marine testified in federal court Tuesday that he saw Sgt. Jose Nazario standing over a dead Iraqi, with an M-16 in his hands, just seconds after he heard a gunshot from the room where Nazario was holding Iraqi prisoners.
U.N. troops offer lessons in peace in Lebanon
Tue, 26 Aug 2008 00:00:00 -0700
Yoga, French poetry, pizza making -- the international forces stationed there give war-weary residents a respite from their cares. The yoga instructor chuckles, and the three dozen or so women follow along, giggling nervously before bursting through some invisible layer of restraint or sorrow and laughing with abandon. Grins widen into smiles, tentative squeals bloom into full-bore howls.

NPR Topics: Middle East

New Chief Aims To Restore Air Force's Reputation
Tue, 26 Aug 2008 10:25:00 -0400
Gen. Norton Schwartz is a man in line with Defense Secretary Robert Gates' vision of the Air Force. Unlike his fired predecessor, Schwartz isn't reluctant to send Air Force officers and more intelligence and surveillance to Iraq.
Treating Iraqi Children For PTSD
Mon, 25 Aug 2008 08:35:00 -0400
The war in Iraq has had a severe impact on the country's children. More than 650 children were reported killed there last year. Iraq's children also have been the victims of kidnapping, torture and rape. A clinic for children suffering post-traumatic stress disorder is opening this month in Baghdad.
'Three Cups of Tea' With Pakistan's Musharraf
Sat, 23 Aug 2008 01:30:00 -0400
Greg Mortenson, executive director of the Central Asia Institute, met with Pakistani leader Pervez Musharraf during a recent trip to the region. Musharraf had read a book Mortenson co-wrote titled Three Cups of Tea, about his experiences building more than 60 schools in remote parts of Afghanistan and Pakistan.
Lebanon Prime Minister Heads To Iraq
Wed, 20 Aug 2008 13:00:00 -0400
Fuad Siniora is expected to arrive in Baghdad Wednesday. Relations are improving between Iraq's Shiite-dominated government and the Arab world's Sunni leaders.
Musharraf Resigns Amidst Growing Outcry
Mon, 18 Aug 2008 16:20:00 -0400
Pervez Musharraf has resigned as Pakistan's president under threat of impeachment. It may be the final act in a long confrontation between Musharraf and the political opposition that has accused him of illegally seizing power and mishandling the country's economy. Shuja Nawaz, a Pakistani journalist and author, explains issues facing that nation's government.
Middle East Diplomacy, Shrinking U.S. Involvement
Wed, 06 Aug 2008 10:41:00 -0400
Complex diplomatic negotiations are taking place in the volatile region. With the U.S. taking a back seat in the talks, smaller countries such as Egypt and Syria are stepping up and taking leading roles.

UN News Centre - Middle East

Security Council extends UN force in southern Lebanon for another year
Wed, 27 Aug 2008 00:00:00 -0500
The Security Council today extended until the end of August 2009 the mandate of the United Nations Interim Force in Lebanon (UNIFIL), stating that the deployment of the mission together with the country's armed forces has helped to establish "a new strategic environment in southern Lebanon."
Iraq: UN envoy persists with efforts to promote dialogue over disputed city
Tue, 26 Aug 2008 00:00:00 -0500
The top United Nations official in Iraq continues to work to promote political dialogue and national reconciliation across the country, including over the disputed status of the northern city of Kirkuk, a UN spokesperson said today.
UNESCO chief deplores murder of senior Iraqi cultural official
Tue, 26 Aug 2008 00:00:00 -0500
The head of the United Nations culture agency today condemned the murder of a senior Iraqi Government official who had long worked to protect and preserve his country's cultural heritage.
Gaza: UN expert welcomes landing of ships carrying human rights activists
Mon, 25 Aug 2008 00:00:00 -0500
An independent United Nations human rights expert today hailed the landing of two wooden boats in Gaza carrying 46 human rights activists as a key symbolic victory.
Ban requests 12-month extension to UN peacekeeping force in Lebanon
Fri, 22 Aug 2008 00:00:00 -0500
Secretary-General Ban Ki-moon has asked the Security Council to extend the mandate of the United Nations Interim Force in Lebanon (UNIFIL) by another 12 months until the end of August next year.
UN anti-drugs agency lauds record heroin seizure in the Gulf
Wed, 20 Aug 2008 00:00:00 -0500
The United Nations Office on Drugs and Crime (UNODC) has hailed the efforts of the authorities in the United Arab Emirates in seizing 202 kilograms of heroin, worth some $11 million, in what is being called the largest-ever heroin bust in the Arab world.

NYT > Middle East

U.S. Soldiers Executed Iraqis, Statements Say
Wed, 27 Aug 2008 09:10:33 -0000
Three U.S. soldiers are expected to be charged for murder in connection with the killing of four Iraqi prisoners.
Bomber Kills 25 Recruits at an Iraqi Police Station
Wed, 27 Aug 2008 05:19:31 -0000
It was unclear how the suicide attack against a line of Iraqi police recruits outside a police station in Diyala Province was carried out.
Rice, in Israel, Criticizes Surge in Settlement Construction
Wed, 27 Aug 2008 05:04:36 -0000
A report said that Israel had nearly doubled its settlement construction in the occupied West Bank in violation of its obligations under an American-backed peace plan.
Israelis in Anguish Over Abuse, Slaying of 4-Year-Old
Wed, 27 Aug 2008 15:17:44 -0000
Israel is in the grip of a nightmarish tale of a French girl named Rose, who police say was killed by her grandfather.
World Briefing | Middle East: Lebanon: Report Says Abuse Is Factor in Maids’ Deaths
Wed, 27 Aug 2008 14:40:16 -0000
Foreign maids in Lebanon have been dying at a rate of more than one a week, often through suicide or failed attempts to escape from abusive employers, a report said.
Maliki Pushes for Troop Withdrawal Date
Tue, 26 Aug 2008 04:47:03 -0000
A departure date is only one of the issues in the security pact. Immunity for U.S. soldiers and continued detention of Iraqis by Americans remain obstacles to a final deal.

Subscribe to Middle_East RSS feed