Economic Systems and Their Impacts

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Submitted By akashpatel23590
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Economy systems and their impact

It is possible to argue this in two ways. It is possible to say that a market economy would handle this situation best, but it is also possible to say that a command economy (the more socialist the better) would be more efficient. But local citizens, fire departments, police, or anyone who is in the immediate area and also the local government are the first to respond. They help to search for living people and try to rescue and aid as many victims as possible. National non-profit organizations like the Red Cross and other Non Government Organizations (NGO’s) are normally on the scene relatively quickly to try to ease the suffering and aid in the humanitarian causes of searching for survivors.
However, it is also possible to argue that a market economy is the best system for dealing with disaster. The argument here is that governments simply do not work efficiently, regardless of how much power they have. The various people in government do not have much of an incentive to work their hardest to make the recovery happen. By contrast, firms in a market economy would have a motive (the profit motive) to work quickly and efficiently. They would also tend to have the expertise needed to accomplish the task. This is, for example, why some people argue that large stores like Wal-Mart, Lowe’s, and Home Depot were better able to get supplies to places that were hit by Hurricane Sandy than the government was.
But I would rather go with Socialism in it's perfect form (which rarely ever happens) seems to be the best economic system because it teaches people how to share things with your neighbor and to help out on the time of need. When I say socialism in its perfect form I mean that government has total control and the socialist economy is in a idea state in the country because though socialist economy is best to respond during crisis…...

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