22 Jul DESCRIBE YOUR VISION OF A MODEL ECONOMIC SYSTEM – IS IT CAPITALIST, SOCIALIST, OR SOMEWHERE IN BETWEEN?
Describe your vision of a model economic system – is it capitalist, socialist, or somewhere in between? In your answer be sure to compare and contrast the two major economic systems (capitalism and socialism).200 to 250 words with references
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My vision of a model economic system is a mixed economy which has aspects of both capitalist and socialist economy. While the developed world has hailed a capitalist economy where the market forces are the supreme force, but the gaps in such a system are visible for global financial crisis of 2007 and the Great Depression of 1929 (Yadav & Thakur, 2009). It is evident that the imbalances in the economy need corrective measures to be taken by government through limited but active regulation. However, a top to bottom economic system promoted by the state as is envisaged by the idea of a socialist economy may not auger well
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