Command, Free Market and Mixed Economies
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This paper discusses the successes and shortcomings in solving economic problems within command, free market, and mixed economies. The paper compares each of these economic systems and their effectiveness, and specifically looks and their strengths and weaknesses with regards to productivity and distribution. The paper also discusses examples of each system within different countries.
From the Paper:"In conclusion, while there are few pure command or free market economies in the world, most economic systems are loosely based on one of the two systems. Both pure systems have their strengths and weaknesses in production and distribution - the cores of the basic economic problem, which both systems are designed to overcome. The strength of the free market economy lies in its superior productivity when compared to the command system, which is better at redistributing wealth. The mixed economy, a loose term which can describe any economy in the world, is an economic model most highly developed within Scandinavia. It aims to combat the disadvantages of the pure systems by adopting aspects from both. This is reasonably effective, but not perfect. However, a more resilient and equitable economic system borrows aspects from both theoretical systems."
Sample of Sources Used:
- Bell and McConnell, Economic Systems, VCTA Publishing, 1991
- Downie and Reid, Economics, Issues and Systems, McGraw-Hill, 1990
- McGee, Matt, Economics - In terms of The Good, The Bad and The Economist, IBID press, 2005
- The Economist, Pocket World in Figures 2005, Profile books, 2005
Cite this Comparison Essay:
Command, Free Market and Mixed Economies (2008, February 03) Retrieved April 20, 2021, from https://www.academon.com/comparison-essay/command-free-market-and-mixed-economies-100799/
"Command, Free Market and Mixed Economies" 03 February 2008. Web. 20 April. 2021. <https://www.academon.com/comparison-essay/command-free-market-and-mixed-economies-100799/>