(Karl Marx).
Decline: In the 80's nations began to dismantle communist central planning in favor of market based economy.
Failures -economic value ,Provide incentives, Achieve rapid growth, Satisfy Consumer needs.
Mixed economy
Economic system in which resources are more equally divide between private and government ownership... displayed 300 characters
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(Privatization).
Market Economy
The majority of nations resources are privately owned. Economic decisions are determined by supply and demand.
? Origins: the belief that individual concerns should be placed above group concerns.
? Features: free choice, free enterprise and price flexibility.
? Governments role: enforcing antitrust laws, preserving property rights, providing a stable fiscal and monetary environment and preserving political stability... displayed 300 characters
