What type of economic system does Israel have?


Quick Answer

Israel has a market type of economic system. The country garnered an economic freedom score of 68.4, which makes Israel's economy the 44th freest in the world, as reported in the 2014 Index of Economic Freedom.

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Full Answer

A market economic system is driven by the law of supply and demand, where manufacturers and consumers dictate the price and production of goods and services, which are then openly traded in a free market. The economic system of Israel heavily rely on technology to produce its major exports, including advanced machinery, polished diamonds and pharmaceuticals. Its main imports are military equipment, raw materials and crude oil. Other countries with market type economies include the United States, China and India.

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