Pol 300-“turning to a market economy”
Chapter 11: Please respond to the following DISCUSSION QUESTION:
Many developing countries in the “Global South” turned to Socialism in the past as a means to solve their economic problems. Now, considering the evident failure of socialism, many of these countries seek to create fast growth through the establishment of market economies.
Select a country in the Global South that has been in the news recently and then visit a reputable website, read a newspaper, or watch a TV broadcast to catch up on the latest events relating to the economic development of the country. Next, using the country you researched, identify which of the five (5) market economy policies the country appears to be following. The policies are listed in your text book in chapter 11, p. 193-195. Provide support for this conclusion.
Note: The Global South includes low- and middle-income countries in Asia, Africa, Latin America and the Caribbean.
STUDENT TIP: to help you answer these questions Here are the 5 Market Economy Policies:
Capitalism (or a market economy) may sound simple but is actually complex, sometimes harsh, and requires government to create favorable conditions which are noted in your text in chapter 11 as the five market economy policies which include:
Prices – free and unsubsidized prices, Currency – noninflationary currency growth, Education – an educated workforce, Trade – plugging into world trade, and
Governance – Promote rule of law