Feudalism was an economic system based on the exchange of land for military service.

Mercantilism was an economic system that emphasized the importance of a favorable balance of trade.

Capitalism is an economic system based on private ownership of the means of production and their operation for profit.

Industrial capitalism is an economic system based on the use of machines and factories to produce goods.

Welfare capitalism is an economic system that combines capitalism with a strong social safety net.

Neoliberalism is an economic system that emphasizes the importance of free markets and limited government intervention.

The Great Recession was a global economic crisis that began in 2008.

The Great Recovery was a global economic recovery that began in 2010.

The European economy is facing a number of challenges today, including the aging population, the rise of China, the climate crisis, and the digital divide.

The European economy has a number of opportunities today, including the single market, the euro, the European Central Bank, and the European Investment Bank.