As far as can be discerned these are the basic components of an economic system. It consists of three elements:
Resources – Raw Materials
Manufacturing – Products
Distribution – Allocation of Products
They all have a relationship with each other. Each has it’s own unique qualities. The only one that doesn’t need the other two is resources. As an example nature produces many fruits and vegetables. These are available for use just by picking them and eating them. They can also be used to manufacture products for distribution such as jams, jellies and canned anything.
Around our world there are many different economic systems. These range from tribal, nation states to the global economy. Each has a different way in which these three components operate. The complexity as you go from the tribal to the Global is enormous. It is important that these three components are all present in each one.
In most of these there is some form of exchange medium for the interaction between them. This means that any economic system needs to decide the medium of exchange for resources, manufacturing and distribution. This is usually a form of currency, barter or even something we have not considered yet.
In our discussion of a New Economic Model all of these things must be considered. Who controls the resources, who controls the manufacturing and who controls the distribution of products. This also means what resources get used, what is manufactured and how it is distributed.
Let us consider wisely how a we construct our new Economic Model so that all Earthlings benefit from it. How it can satisfy the needs of all Earthlings.