Literally, the main difference between the modern concept of strategy and the traditional concept is that the modern concept considers strategy to consist only of

Literally, the main difference between the modern and traditional concepts of strategy is that the modern conceptualization of strategy includes only plans.

The traditional conceptualization sees strategy as including plans, stratagems, and models. Strategy is a collection of decisions about future goals and actions involving why, where, what, who, when, and how many resources are needed to do it. In contrast, the modern conceptualization of strategy includes only plans, which are collections of decisions about future goals and actions.

The modern concept is a relative concept that generally refers to ideas, concepts, or approaches to practice that involve contemporary (mainly post-20th century) perspectives. It may cover a wide range of topics, such as science, technology, culture, art, sociology, and so on.

For example, in economics, modern concepts may include market failure, imperfect competition, externalities, public **** goods, etc.; in political science, modern concepts may include democracy, human rights, rule of law, etc.

Modern concepts are not static; they may develop and change over time and with experience.

Examples of market failure in modern concepts include:

1. Inadequate provision of public **** products: for example, products such as national defense, street lights, and so on, because there is no extra payment, manufacturers have no will to produce and manufacture, but these products are the country can not be lacked in the development of the country, so in general such public **** products are Not by the private sector to provide, but by the government to the unified procurement and construction. When the supply of national public **** products is insufficient, the country's economic development is also relatively lagging behind.

2, externality: for example, a chemical plant may cause environmental pollution, but the plant does not pay for environmental pollution, which causes market failure.

3, information asymmetry: in some markets, buyers and sellers have different quantity and quality of information, which also leads to market failure.

4. Monopoly: When there is only one or a few sellers in the market, consumers have no choice but to accept the prices and services of these sellers, which can also lead to market failure.