To what extent do you agree with free market economics being more Essay - 1

To what extent do you agree with free market economics being more effective than a mixed economy in two different countries - Essay Example In contrast, a mixed economy captures the traits ascribed to the command economic system as well as the free market system. The mixed economy is the most favourable global economic system, with a few exceptions. In this regard, I will exemplify two countries, Japan and Russia, in which for a long time, the government has always influenced key economic decisions. In the market economy, the government plays a minor role of regulation like ensuring fair competition among the various players in the industry. However, it is emergent that in this system, the element of a free market tends to dominate the mainstream market. There are some sectors in which the forces of demand and supply are not allowed to prevail. Areas like public education, road construction and military spending, the provision of medical supplies, and the building of hospitals are just but the areas with which the populace cannot gamble via the free market system. These areas are sensitive and require a commanding author ity, and that is how the government comes in-the reason for a mixed economy. Apart from the sensitive areas, the free market system is a good system. With mixed economy, so much planning is required which is a waste of time and resources. The bureaucracies involved are cumbersome since a certain order must be followed unlike the free market where decisions are quickly made and demand and supply influence such decisions. A high level of efficiency is normally witnessed in the free market. This is mostly in responding to customers taste and preferences where if one enters a supermarket his or her money determines what to purchase, unlike the mixed economy where sometimes decisions on what to buy are provided by a monopoly controlled by the government, where quality is normally compromised (Sloman, 2009). In a free market, there are different service or commodity suppliers, so with such numbers, quality couple with additional