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
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