The economy of a nation is categorized depending on its political ideology, resources (natural and human), and formed accordingly. Economy is called as capitalist, communist, socialist, depending on the political ideology followed by the country.
Rural, socio- economic, agricultural, industry, service sector, etc., too are some types of names of economies. I observe with curiosity and confusion why any economy, like capitalist, communist is undergoing stress and strain despite their varied implementation and varied system of financial, boost, checks, controls and ways of managing their economies.
Whether it is the USA, Germany, Japan, China, India, European and other continental countries, every economy is suffering from problems and is stressed. But the politicians are wedded to one kind of economy and stress that their ideology-controlled economy is the best. From our observation is clear that political ideology, system, or kind of implementation won't rescue any economy from fall and they continue with their fiscal etc., deficits.
I feel economists think differently and the political ideology more than the virtue of economic system that rules the citizens and the nation. Kind of economic system is secondary. All economic systems have merits and demerits and not necessarily according to the economic system that a country flourishes. Political ideology plays chief role in providing happiness or otherwise to the nation.
Economics is not a function of financial system or political ideology followed. All economies are bound to flourish or recess for cumulative reasons of particular nation. What are the reasons, are not clear.