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SHORT ANSWERS (3) 1- Market Socialism: Explain how a market socialist economic system is different from...

SHORT ANSWERS (3)

1- Market Socialism: Explain how a market socialist economic system is different from both a market and a socialist economic system. While discussing differences, make sure you explain what makes a market socialist system appealing.

2- Inflation in Transition: What have been the major causes of inflation in post-socialist economies, and what instruments have been used to fight it?

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Answer #1
  1. Market socialist economic system is a combination of market economy with socialist economic system. It is based on state intervention with working or market forces; demand and supply. While market economy is based on the price system for its working with demand and supply forces. Whereas socialist economic system is predominance of public ownership.

2. The major causes of inflation in post –socialist economies:

  • Increase in supply of money in the economy
  • Increase of capitalist system
  • Increase in prices
  • Increase in use of technologies which leads to unemployment.

Instruments used to fight it:

  • Use of monetary instruments to maintain money supply in the economy
  • Policies to increase employment opportunities
  • State intervention through fiscal policy in economy
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