Economic Systems and Supply and Demand Essay

561 Words3 Pages
Economic Systems and Supply and Demand I think a mixed economic system is best to handle a crisis of epic proportions. In a mixed economic system there are opportunities for individual growth and wealth but there is a government ownership of specific communal resources like transportation, health care, and communications. So when a disaster occurs there is only one entity that is making decisions in the best interest of the community when it come to the issues of getting supplies, health care, , while there is still flexibly to allow individual groups to come up with unique solutions to support the efforts of the put into action by the government. In extreme situations like the earthquake in Haiti in January 2010 a Socialist system would have the best response. A Socialist economic system it is characterized by public ownership and operation of key industries combined with private ownership and operation of less-vital industries (Courtland L. Bovee, 2013). With this understanding the government will able to create and execute contingency plans for different types of emergencies. And while we can never plan for everything, if something unforeseen was to occur there would be only one entity that will be making decisions concern the allocation these vital resources. These resources would include the quick and even distribution of medical supplies and other relief goods to people in need. Restoring electricity and providing man power for cleanup and rebuilding efforts. Transportation outside of the disaster zone and accommodations for the areas the refugees will be transported to. It would also ensure that everyone will be able to receive assistance regardless of income. This system also supports the ability for some creative solutions to be injected into the less vital areas by privately run businesses. In a free market system it could take forever for action to
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