Advantages And Disadvantages Of Market Economy
Market Economy is a Poor Choice for Developing Country to Stay Competitive
Introduction
Market economy is an economy system the individuals are owned and controlled most of the resources and are allocated through voluntary market transactions governed by the interaction of supply and demand. The presence of market economy will make a gap or disparity in society. It is happened because people are free to play in the market. In addition, there is no interference from the government and it will lead to the exploitation. It has lead to the market economy become not an option for a country to stay competitive. Competition in the marketplace provides the best possible product to the customer at the best price. When a new product is invented, it usually starts out at a high price, once it is in the market for a period of time, and other companies begin to copy it, the price goes down as new, similar products emerge.
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Besides that, there are always problems with market economy system. There are some disadvantages such as the exploitation of workers and uncomfortable working condition, investment priorities and wealth becomes distorted, goods cost will be lower due to the mass produced, prices may give false or inadequate signals to producers and consumers, high levels of unemployment due to the overproduction of goods, and produce a skewed distribution of income through large gap between the rich and the poor. Free competition is the spirit of market economy system, naturally led the group with income and wealth in order to compete with any particular group. The market economy instead of making competitive but it leads to monopoly. In this paper, the writer would like to address the reasons of market economy is a poor choice for developing country to stay
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