Identify the six basic requirements that economists generally agree must exist for a successful transition from socialism to a market-based system
What will be an ideal response?
1) Macroeconomic stabilization; 2) Deregulation of prices and liberalization of trade; 3) Privatization of state-owned enterprises and development of new private industry; 4) The establishment of market-supporting institutions, such as property and contract laws, accounting systems, and so forth; 5) A social safety net to deal with unemployment and poverty; and 6) External assistance.
You might also like to view...
Refer to Table 9-18. Looking at the table above, what is the rate of growth of real average hourly earnings from 2015 to 2016?
A) 7.8% B) 6.25% C) 4% D) -4%
Since World War II, the share of total income going to the bottom 20 percent of U.S. households has
A) fallen by 20 percent. B) increased by 10 percent. C) remained constant. D) more than doubled.