Summary
In the Victorian Era setting ofVictoria 3,fans of Paradox Interactive gamesnow have to focus more on managing interconnected Populations and their Ideologies beyond traditional diplomacy and warfare. As a result, a player’s choice ofEconomic Systemis integral to the survival of their nation not just in terms of production, but in terms of the satisfaction of citizens as a whole.
While the game only has a selection of five Economic Systems, each of them specializes in particular aspects of nation-building.Understanding their strengthsand how they may affect a player’s current playthrough can enhance or ruin theirVictoria 3experience.
Central Planning Enacted: Autocracy, Oligarchy, Single-Party State, Technocracy
Effects
+25% Authority +25% Taxation Capacity +25% Bureaucrat Political Strength Disabled Autonomous Construction Seizes all funds in the Investment Pool Production becomes Government-Run Subsidize Building Types:
Interest Group Support
Approve: Trade Unions Strongly Disapprove: Industrialists, Landowners, Rural Folk
Among the available Economic Systems inVictoria 3, theCommand Economycan give players access to one of the best methods of transforming their nation intoan economic powerhouse. However, while enacting Command Economy treads into Communism and risks dissatisfying major Pops, the right handling of this Economic System should lead to a tremendous rise in profit. Unfortunately, the largest risk of the Command Economy lies in its more hands-on nature.
With a Command Economy, the nation now subsidizes all buildings and keeps the profit, giving players more opportunities to invest in the right industries for exponential growth. However, Command Economies can crash quickly when players find out even their failing industries become automatically subsidized. Moreover, the late-game nature of a Command Economy’s requirements means players will likely benefit from another Economic System based on their current progress. In turn, it’s best for players to use the Command Economy when playing a lower-GDP country, or else they may be better off using another Economic System for their needs.
Strong Approve: Trade Unions Disapprove: Rural Folk Strong Disapprove: Industrialists, Landowners
While similar in nature to a Command Economy, control over the Economy in aCooperative Ownershiptransitions from the government and the private sector to the general public. By removing ownership shares, nations inVictoria 3that use Cooperative Ownership shoulddramatically increase the Standard of Livingfor lower and middle Pops. However, increasing the earning and spending power of these population groups effectively reduces the power of higher-population groups, hence its unpopularity with Industrialists and Landowners.
When choosing between a Command Economy and Cooperative Ownership, the latter is better for players who want to boost benefits that come with higher SOL, such as attracting migrants and boosting demand. With the right momentum, Cooperative Ownership can steer players toward Service and Luxury Industries, especially if they have the time to slowly develop their economies.
Approve: Landowners, Rural Folk Neutral: Industrialists, Trade Unions
Players ofVictoria 3who want to get out of the clutches of inefficient Traditionalism should consider researching Romanticism to transition towardsAgrarianism. Named after the economic system of the same name, ittransforms the player’s nationinto a rural economy with a focus on agriculture. When adopted, Industrialists remain neutral about the transition, but Capitalists suffer in terms of contribution efficiency.
Due to its lackluster benefits, Agrarianism isn’t a long-term Economic System to rely on in the game. Instead, Agrarianism serves its function best when it comes to transitioning away from Traditionalism and working one’s way toward a new Economic System without annoying landowners. Players need to pay attention to their next steps, however, as Agrarianism may become tricky to replace if they end up over-investing in agriculture.
Approve: Industrialists, Trade Unions Neutral: Landowners, Rural Folk
Despite the straightforward nature ofInterventionism, it’s precisely due to its simple ruleset that it can transform a nation into a flexible powerhouse. In thisgrand strategytitle, players who adopt Interventionism can enjoy benefits such as faster reforms to attract immigrants or higher revenue with a > 50% taxation rate.
Moreover, choosing Interventionism early on allows players to expand into industries much faster, allowing them to tap into Steel, Lumber, and Fabric more efficiently compared to other nations. However, Interventionism won’t reap immediate benefits, making other Economic Systems more useful at the onset.
International Trade
75% Private Construction Allocation -25% Loan Interest Rate +1 Max Companies Cannot Downsize Non-Government Buildings Contribution Efficiency:
Strong Approve: Industrialists Disapprove: Landowners, Trade Unions Strong Approve: Rural Folk
Players ofVictoria 3who’ve already decided on their intended paths for Industries should transition slowly intoLaissez-Faire. The boost in Private Construction and huge Loan Interest Rate reduction can speed up a nation’s trajectory toward its ideal profit margin. In the game, using Laissez-Faire encourages players to build as many buildings as possible to house just as many workers. Moreover, the extra Investment Pool points from Capitalists can give the economy a much-needed boost.
However, where Laissez-Faire becomes a risk is its inability to let players downsize non-government buildings. Players who plan on aconquest-oriented campaignmight find it difficult to implement Laissez-Faire, especially when they find provinces that under-optimize or underutilize their current resources.
