Friday, January 31, 2020
Comparison of Free Market Economy and Mixed Economy Systems Essay
Comparison of Free Market Economy and Mixed Economy Systems - Essay Example This can ensure that qualified medical care practitioners and welfare personnel receive prior training before employment. This ensures that the low earning bracket can access a minimal, equal level of up-to-standard medical care and treatment just like the high-income society members (Anderton, 2008). However, some officials may embezzle government funds while taking advantage of the welfare program. Medical practitioners may see an investment in their course of private practice. Some individuals may want a higher level of medical care than is available from the governing body and may lack freedom to choose. In some industries, the corporate sector experiences increased regulation resulting to decreased corporate greed. An adverse instance would be the Enron case that caused numerous workers to leave without proper retirement packages. This corporation, which the government controls, would control this greed, thus shielding the rights of people (Anderton, 2008). The modes of retireme nt in an entity that operates in a free market would yield promising returns for employee investments.. A corrupt administration can cut down retirement benefits into reserves of few. When entities facilitate businesses in a fixed economy, individual relationships may favor and push someone ahead when they cannot trace other methods. This holds a downside in business ethics in most mixed economy markets. USA citizens would find this issue debatable. Methods such as guanxi to fortify business initiatives, or business processes can result into bribery or corruption. A free market economy functions via voluntary exchange without control from a capitalist monetary system. A free market economy has numerous benefits to clients and businesses. Most demerits of... This essay is one of the best examples of comparison of the distinctive characteristics of free market economy and mixed economy types of system. In a mixed economy, the privatized businesses and the government share the control of monetary systems. A mixed economy market confers various advantages. In presentation of the fundamental advantages, it is pertinent to address every merit with a demerit to acquire a clear perspective of the differences between a free economy market and a mixed economy market. Foremost, the control level that the ruling government holds within a mixed monetary system causes it to hold a chief role in service delivery. The private domain has a responsibility to aid in building infrastructure and offer services. This may elicit an increase in efficiency. Owing to this, a problem would come up if the government refutes to ascertain the type of infrastructure it requires from the private entities. Production may fail to keep on track with demand and supply of the population and create a surplus, or scarcity of merchandise and services, contributing to loss of profits A free market economy functions via voluntary exchange without control from a capitalist monetary system. A free market economy has numerous benefits to clients and businesses. Most demerits of any economy lie within the issues of microeconomics, namely employment, laws, and wages. In current times, unemployment is a rampant factor that causes companies to commute overseas to nations like China.