Command Economy Vs Free Market Economy
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Title: Command Economy Vs Free Market Economy

Essay Details:

Subject: Business
Author: David R
Date: February 11, 2016
Level: University
Grade: B
Length: 9 / 2518

Essay text:

The official economic paradigm operative in Canada is that of the market economy -- or the formal economy. This is what is being measured, analysed and reported on. An economy is said to work within a framework reflecting the values of the society in which it is embedded. Traditionally, three models of an economy have been used: the traditional or feudal, the command economy (where the state determines resource decisions) and the market economy which is the model in use in USA and in most industrialized Western countries. Indeed, even within the market economy, there are different models; for example, the Scandinavian model of social democracy, the Asian corporatist mode, and the capitalist model of North America...

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