In: Business and Management

Submitted By willytrevor
Words 1008
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International Management

Free market economies stimulate greater economic growth, whereas state-directed economies stifle growth
A free market economy is a type of market economy where forces of supply and demand exist freely without interference from any authority such the government or any price setting monopolies. In this system, prices are controlled by supply and demand forces. The buyers and sellers make decisions that they themselves determine solely (citing in Watkins, 1959).
State-directed economy refers to a system where the state controls means of production but the economic activity is mostly directed to some extent by the government or ministry of planning through indicative planning. According to Alec Nove (1987) State directed economy is also commonly known as centrally planned economy. The main government or central government is the body concerned with directing all sectors of the economy.
“The free market is the only economic system consistent with personal freedom. It thus not only provides the basis for greatest improvements, it also provides the basis for remaining free off political control over our lives.” (Kates, 2011,p. 4). Ignoring the role of individuals ignores everything important about how a market economy works.
Free market economy stimulates economic growth as they rely on individuals to purchase and sell goods and services freely and proactively. Free market stimulates economic growth because most businesses strive to keep up to date with the latest and emerging trends so as to satisfy the rapidly changing consumer tastes and preferences. Through this the businesses make money. By making adequate money businesses have the financial capacity to buy more goods and services and resale them making profit thus stimulating the economy as the increase the revenue of a country.
A free…...

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