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All of the parts of a productive system that contribute to marketable products; the productive elements in a particular economy. This includes the entire network of firms, regulatory bodies (like government), [infrastructure] (roads, telecommunications), and financial intermediaries (banks, thrifts).

In a global economy, there are many [industrial] systems. In fact, it's quite possible that a single town could have companies belonging to different [industrial] systems; [e.g]., a paper mill near a biotech research facility. Almost none of the productive systems share potential employees or potential markets; a recession for the biotech business could--and probably would--completely spare the paper mill. Moreover, the managers of the two businesses probably want opposite policies: the mill owners want low taxes and small government, while the biotech researchers want big spending on education and [infrastructure].

Much confusion is caused by calling the industrial system the "economy." The industrial system is not the economy. The industrial system is an organic entity within a greater economy. Various policies may be beneficial for this or that industrial system, with an ambiguous effect (if any) on the economy.

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