Planned economy

If millions of people have volunteered to move to a planet similar to Earth scarcity and property rights would be best addressed in a top down fashion. In a centrally planned economy business leaders, or producers, will be impacted through the lack of artificial need. A centrally planned economy will affect the personal choices, of the consumer, all of their needs and desires will be met. The community is affected by the lack of overproduction and under consumption occurring in the market created by capitalists, in an attempt to maximize productivity while lowering costs. A centrally planned economy will address property and scarcity in the most effective way for producers, consumers, and the community. As a producer/business leader, it is easier to produce with central planning. There isn’t competition for property rights. The land will be shared. In addition to…

However there are other economic systems such as socialism. Although Farooq (2011) claims that socialism contains a wide range of negatives. First, socialism contains a lack of economic freedom, as the government that acts as a centralized body controls all entities. Individuals also are not allowed to change jobs or own their own assets. Second, within a socialist economy all aspects of the economy are planned and selected by the government, thus supply and demand do not play a part in a…

theoretical framework of ‘mixed economy of care’ and ‘marketization of care’ as well as to explore the distinct model of care for older people in urban China. In the first section, it applies the approach corresponds to the ‘mixed economy of care’ (Knapp et al., 2001, Lewis, 1995, Glendinning, 2012, Powell, 2007) and ‘care diamond’ (Ochiai, 2009, Razavi, 2007) in the field of ‘social care’ (Daly and Lewis, 2000; Lewis and West, 2014). After the discussion of the classification and…

Before 1911, China was still under absolute monarchy, which was Qing Dynasty. The economy during that period was agricultural based, not by trading or colonies. Unlike Western countries, there was no industrial revolution happened in China. Due to the closed economy (or self seclusion), China did not receive any new technology to improve the developments in many areas. There are three characteristics of the traditional Chinese economy before 1911. The first characteristic is highly productive…

Attracting foreign investment and promoting international trade are major elements of the economic reforms. In order to encourage foreign investments, the Joint Venture Law permits foreign investment in China was introduced in 1979, followed by the establishment of four special economic zones (SEZs) of Shenzhen, Zhuhai, Shantou, and Xiamen in 1980. Concerning the expansion of the economic reforms from rural areas to urban areas, China has opened areas were extended consecutively from SEZs to the…

“Socialism failed because it couldn’t tell the economic truth; capitalism may fail because it couldn’t tell the ecological truth”1 In a perfect world where equality is in our everyday lives and respected without criticism, socialism is the ideal economy. However, we do not live in a perfect world, so the United States has combined reality and fantasy into one and constructed an economy with the influence of both capitalism and socialism. Socialism is a considerably decent economy on the basis…

Stalin believed that the Soviets were lagging behind the West in terms of industrialization, to such an extent that he aimed for a two hundred and fifty percent increase in production during his first Five Year Plan. Stalin stated that progress in the development of industry would contribute to ““a new stronghold” of working class” that would invariably bolster its position in the “fight against the petty-bourgeois element” and the “capitalist elements in the economy” (Lenin qtd. in Daniels…

market economy, centrally planned economy, and the mixed economy. Capitalism, which falls under the market economy, is an economic system where a country’s production, the circulation of goods and services for profits, are controlled by private owners. Capitalism allows citizens to own businesses and acquire wealth, therefore…

institutional incentives of the attempts to centrally plan an economy”. In The Road to Serfdom, Hayek seeks to convince the British people that socialism can lead their country to the end of Fascism, which is not a particular product of the wicked Germany. Without using mathematical economic model, Hayek consciously delineates the intuitive proceedings from ‘good economic plans’ to the ‘bad national socialism’ , and indicates the truth that Marxism had led to Fascism, which in all essentials, it…

Pure Capitalism is a free enterprise economic system based on the private ownership of individuals. Pure Capitalism is not (is) the best form of government in today's society. There are three main supporting reasons why pure capitalism is not (is) the best government. Starting off, a pure capitalist country is not okay because it doesn't have government intervention. This means that the government is laissez faire. The first supporting reason for why a pure capitalist economy is the best, is the…