Question

What type of the economy do we need to develop so to survive and prosper in the times of globalization? In what areas must we adapt and change?

Answer 1

Mixed Economic System is the best economy we need to develop so to survive and prosper in the times of globalization.

It is turning the world into one whole or creating a borderless world. Although globalization is generally understood to mean integration of the economy of the world, it is complex phenomenon.

A mixed economy is a combination of different types of economic systems. The idea behind a mixed economy was to use to use the best of both worlds incorporate policies that are socialist and capitalist. Most multinational corporations and even small companies are outsourcing their services to various countries of the world.

There is less government intervention than a command economy. So we can expect the private sector can run more efficiently. The government can intervene to correct market failure. Government can make programs like health care and sanitation. In a mixed economy government can use taxation policies to reduce inequality. A mixed economy allows a level of economic freedom which is the most important factor to prosper in the time of globalization. Economic globalization is good for the world.

So we must adapt this economy to the various areas of economic point of view. Buisness, banking services, infrastructure, private, government and the various areas of economic sector. We must change the economic view with the change of the changing world.

Thus, the mixed economy would be the best economy to develop so to prosper in the times of globalization.