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Sat 24 Mar, 2007 06:16 pm
I'd like to know how you western readers interpret the meaning of economic system and economic regime. When translating the Chinese terms "jingji zhidu" and "jingji tizhi", I tried to equate the first term with "economic system" and the second term with "economic regmie". But most Chinese translators tend to use "economic system" for both "jingji zhidu" and "jingji tizhi"; as a result of which, if both Chinese terms appear in the same sentence, translators will have trouble translating them, because they cannot say "economic system and economic system" for both Chinese terms. One possible way of solving this difficulty is to say "economic system and economic institutions" ; the reason that they do this is that they want to avoid to use "economic regime", for this word regime has a negative connotation to them. So what's your opinion?
The "economic system" of a country simply implies "how things work". Some economic systems evolve and function quite spontaneously, as when Pacific Islanders barter fish for cowrie shells.
By contrast, an "economic regime" implies a managed economy, with laws and regulations designed to make it work in a planned way.