"Turning to a Market Economy" Please respond to the following:
Many developing countries in the "Global South" turned to socialism in the past as a means to solve their economic problems. Now, in the light of the evident failure of socialism, many of these countries seek to create fast growth through the establishment of "market economies.”
- Using the country you researched in the e-Activity, identify which of the five market economy policies described in the textbook the country appears to be following. Explain how you reached this conclusion.
- Speculate about the likelihood of success of achieving a prosperous market economy for the country you researched.
- Explain which of the policies is most effective for the country you researched? Provide a rationale with your answer.
- Discuss whether a successful market economy can develop in a non-democratic authoritarian political system. Provide examples.