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All countries in the world follow almost the same type of economic system today.

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This statement is False. 

1. Today, in a globalised world, there appears to be only one dominant ideological and economic , system i.e. ‘Market Economy.’ However, the nature of the market economy is determined by the ideology of that country.

2. The USA has a ‘capitalist market’ economy which combines capitalist system with market economics. In most West European nations, the political system is a ‘welfare State’, so they adhere to welfare market economies. China has a socialist market economy and Indian system is described as economic liberalism.

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