WHAT ARE THE ADVANTAGES OF LEAVING THE ALLOCATION OF A COUNTRY RESOURCES TO THE PRICE MECHANISM ....
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WHAT ARE THE ADVANTAGES OF LEAVING THE ALLOCATION OF A COUNTRY RESOURCES TO THE PRICE MECHANISM ....
In theory it ensures the best use of resources. In practice it doesn't happen as countries need to be self reliant on certain products. So governments intervene and ensure products are subsidized and or protected behind taxes on imports. Economic theory does not hold if rhere are wars and other disturbances.
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