Question

1. Politics can be viewed as a market much like an economic market. What are fundamentals for free economic markets? How are political markets similar to economic markets? What are important characteristics, if any, by which political markets may differ from economic markets?

Answer 1

Political ideology of a country is a combination of both politics and economic systems of the country. The political system involves the arrangement of formal and casual legitimate foundations and structures that involve the administration or state and its sway over a region or individuals while economic market or system is the way in which a country's economy is run with a combination of fixed or mixed economies. The idea of a nation's political economy assumes a major part in whether it is alluring to unfamiliar business and enterprise. Verifiably, there has been an immediate connection between the level of monetary opportunity in a nation and its financial development—the more opportunity, the more development, and the other way around. For quite a long time, the Chinese government kept up an ironclad grasp on all business undertaking, which viably kept unfamiliar organizations from completely captivating with the Chinese market. That atmosphere has tempered, notwithstanding, and now the political economy of China is significantly more open to unfamiliar speculation, however it is still not as open as Europe or the U.S.

Organizations looking for worldwide open doors must think about other monetary components past a nation's political economy. For a certain something, they will need to focus on the business sectors and nations where individuals have the most noteworthy wages and the most extra cash. The world guide underneath shows exactly how much variety there is in the gross public salary (GNI) per individual among the countries of the world. Some basic characteristics that differ political and economic markets are the labourers, factors of production, capital, price mechanism, basically a market economy is based on the supply and demand of goods and services but a political market is designed and ruled by the Central government that owns most of the businesses where government is the factors of production, land, capital and resources. Market economies provide more personal freedom while political economy is authoritarian.