Explain The Planning Under Mixed Economy?
Answer:
Theoretically the world is divided into two extreme economic system, capitalism and socialism. The capitalism or free enterprise economies are characterized by a lot of problems approaching misallocation of resources, market imprecation, monopolies, exploitation of the consumers and widening gap between enjoy and have nots.
Moreover, the capitalistic model of life was not capable adequate to provide the economic development to the developing countries in a shortest length; it fails to remove unemployment and inflation; the deficit in the BOP and within the budget went on mounting; the population went on growing; the structural changes close to capital formation remained very low; the financial order could not be maintain; and above all the social life, the behavior and the outlook of the people remained at really low level. Because of these problems, the capitalism could not be maintained in its crude form.
On the other appendage, the socialism was attached with the complete over social, political, religious and economic natural life. The state was authorized to control and regulate the economic activities. It funds that all the economic decisions, what to produced, how to produce and how it is to be distributed will be perform by the state. But this system also could not be retained in the form as presented by its pioneers.
Planning under the mixed economy is indicative instead of imperative. It overcomes the shortcomings of the souk economy without injecting the demerits of the command economy.
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