The seven criteria for describing a nation’s economy introduced at the beginning of this chapter can be combined in a number of different ways. For example, the United States can be characterized as follows:
- Type of economy: advanced industrial state
- Type of government: democracy with a multiparty system
- Trade and capital flows: incomplete free trade and part of a trading bloc
- The commanding heights: mix of state and private ownership
- Services provided by the state and funded through taxes: pensions and education, but not health care
- Institutions: transparency, standards, no corruption, a free press, and strong courts
- Markets: free market system characterized by high-risk/high-reward entrepreneurial dynamism
Use these seven criteria (p. 44) to develop a profile of one of the BRICS nations, or any other country that interests you. What implications does this profile have for marketing opportunities in the country?
