Question: It is widely assumed that the free market economy is invariably superior to any form of planned economy. Critically analyse to what extent the growth of the Chinese economy challenges that assumption.
Free market and planned market or economy has been under loggerheads for more than a century…
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Or is that true Chinese market for instance, has rolled out from the planned economy to a free market economy to a degree retaining its own planned model in the core of the change. At this level, the impact of the planned economy and the change that it has brought into China has been impressive1. This paper targets to present both the sides of the market economies. An analysis has been done at the end of presenting the pros and cons of both the free market as well as the planned economies.
Planned economies have been the 'successful' economies of the yesteryears. The Russian, the Chinese economy before the changes in the economy all were adopting the centrally planned economy. This had typically, the people at the centre of the entire plan. Whether it is agriculture or the industry, the state was the centre of all action. Large scale investments were done by the state to ensure that the progress was continuous. Planned economies target was to bring parity among the communities and the individuals. The individuals yielded place to communities. The planning was for the communities and the individual was not considered for economical study. However, the individual formed the major part of their plan for the future. Education and the individual development was a part of the community target to ensure that the growth continued to exist.
While there was a rap...
The positive aspects of the plan were that there was an overall education to all the citizens of the community. Planned economies could forge large scale projects that could not otherwise be conceived. The same way, the state could embark on global scale projects that would reduce the cost of production and at the same time could contain the inflation rate in the country as well. Another major advantage is that the equality of the people in front of law was also realised. This made the entire process attractive to the common man.
Fallout of Planned Economies
Planned economies had the following shortcomings:
1. Over a period of time the entire process became very corrupt and could not maintain the commitment for community.
2. Planned economies had to think out all the possible factors that could bring about the changes in the economic status. The numbers of factors were so large that it is almost impossible to relate every one of them. This results in the failure of the plan and hence the commitment of the people in the work.
3. Planned economics were in existence in many of the countries. Both in the case of democracies like India and in the case of the left leaning governments in the case of China. In both the cases, the development anticipated was not obtained as in the case of market economy. Most of the countries therefore, are migrating to the market economy structure instead of staying with the planned economy.
4. Though they are moving to a market economy, many of them stay with a phased withdrawal of the planned economy. This has resulted in these countries, including China, having a market economy as well as partially planned economy which helps the country to consolidate and migrate to the new economic pattern without much
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