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The transition from a centrally planned economy to a free market or a mixed economy involves state owned enterprises being privatised. But economists debate as to whether this is actually beneficial to the country's economy. examples of Russia and Ch - Coursework Example

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In certain situations where the market fails, only a strong political governing body of a nation can rectify such market failures. Right after abolition of the system of monarchy, the need for a…
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The transition from a centrally planned economy to a free market or a mixed economy involves state owned enterprises being privatised. But economists debate as to whether this is actually beneficial to the countrys economy. examples of Russia and Ch
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The transition from a centrally planned economy to a free market or a mixed economy involves state owned enterprises being privatised. But economists debate as to whether this is actually beneficial to the country's economy. examples of Russia and Ch

Download file to see previous pages... Secularism and Democracy were common attributes of all planned economies around the world (Aivazion, Ge and Qiu, 2005). Even so, it was noted that in socialistic economies, the efficiency of resource allocation was minimal. At the same time, the public sector enterprises in various business segments in a nation faced severe operating losses. All such problems and inefficiencies of socialistic economies carved the way for privatization, thereby giving rise to a Capitalistic Economic System. Yet, it was noted that the growth potentials of national products of a country were maximum in presence of a free or Mixed Economic System. In such a system, the public and private authorities are almost equally empowered to participate in the state of economic affairs of the nation. However, the economists and debaters are still analyzing and debating over the relative worth or superiority between a free market system and a centrally-planned one.
In this type of a market system, the power to decide over resource allocation and production is only endowed to the government or public authorities. Private business entrepreneurs are not allowed to operate in the core or primary sectors of economies. Rather, the scale and scope of business operations of private authorities are under strict controls of the public regulators. Most of the valuable properties of such economies are considered to be commonly owned public goods. Nearly all economic policies of the government in such economies are directed to maximize the social well-being. The prices of various goods and services produced in such economies are also settled by the public governing authorities.
In this type of market system, the public as well as private authorities are equally empowered in order to participate in socio-economic affairs of the nations. Rather, the private business enterprises within this market system are subjected to less governmental controls and are allowed to participate in the various core ...Download file to see next pagesRead More
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