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Essay / Research Paper Abstract
A 3 page paper considering whether business would choose the free market or a managed economy in the case of a global crash and the possibility of starting over. Perhaps a controlled market would be tempting momentarily, but in the end business is more likely to opt for the free market. It is more conducive to growth in the long term, and with all businesses on the level ground of the crashed market, they would have no reason at all to want to pursue the managed economy. Bibliography lists 1 source.
3 pages (~225 words per page)
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were to crash and globalized businesses - and by extension, fully domestic ones - found themselves operating in a void that used to be the free market system, would they
continue to support the notion of the free market system, or would they seek the comfort and protection of the command economy? Politicians might seek adoption of a managed
economy; unions certainly would be clamoring for intense government involvement. But businesses? They would be rabidly defending the free market system. Economics Managed Economy
In a managed economy, "central planning" - the government - determines what will be made, where it will be distributed, what its selling price will be.
This approach presents business with a calm, comfortable existence: it knows how much it is to produce, how much it will receive in return, what its labor needs will be
in the future and how much it will spend for the input its business requires. The downside is that it is difficult to differentiate any business or its products
from others, but on the other hand neither is there a need to approach business in the manner of Porters generic strategies. After
a while, products all look alike and quality declines. Consumers will buy them or they will not; in any case producers are able to pass off products or services
at any and every quality level. It has been demonstrated that higher quality equates to lower cost, but higher quality also requires more managerial work. If the company
will receive the same return for poor quality goods and services that were costly to produce as it can expect to receive for high quality goods and services arising from