By adopting the Free Market Economy, and having strong institutions, USA has
become a global super power. Similarly after adopting some of the fundamentals of free
market economy China has taken 900 million people out of poverty, though it still has
more of a controlled / planned economy. The Scandinavian countries have a balanced
system with extensive government welfare programs and well-functioning markets. Which
kind of economic system is suitable for Pakistan and why?
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The mixed economy is most suitable for Pakistan.
Explanation:
- Despite numerous experiments of Pakistan in financial development currently, it operates a mixed economy in which state-owned companies account for a significant portion of its gross domestic product. It has achieved an average growth rate of over five.
- The mixed economy refers to the glorious fusion of a free market economy and a command economy. It tends to follow, consequently, both the price structure and central planning and supervision.
- The production of goods and services shall be owned by all private corporations and under public ownership. And although market forces determine costs, demand, supply, etc., there is some government regulation to avoid monopolistic practices and unequal treatment.
Learn more: mixed economy
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