1.) Free Market Economy (in the form of: Austrian School, and Milton Friedman Economics)
* Era: ~19th century to Present Day.
* Pros: Absolute freedom, No State intervention
No intervention, but some regulation in the form of contract enforcement, policing of fraud, protection of property and property rights, etc., "laissez faire" attitude (or self-regulation), flat tax for everyone, closest functional "pure" private economy with no forced duty to society.
* Cons: Can sink hardcore,
Not really high unemployment,
Nope no minimum wage, no unions
not necessarily, just no unions with government backing., enormous income gap
Preposterous, capitalism invented the middle class, favors corporate profiteering
what does this mean?, no trade "protection" for developing economies
See: Law of Comparitive Advantage.
* Countries: Iraq, Chile, Indonesia, Argentina, Brazil, United States*, Hong Kong**, Iceland, etc
USA had a relatively free market in parts of the 19th century, but thats about it. The rest are even less free.
* Success Stories: 1980's Hong Kong?
* Disaster Scenarios: Argentine economic crisis, Bolivia's Cochabamba protests, U.S. Subprime Mortgage Crisis, Indonesian Economic Crisis and Suharto, etc
Ridiculous, all of these were due to massive interventions.
2.) Mixed Economy (in the form of: Keynesian economics)
* Era: ~1936 to Present Day.
* Pros: Adaptable to change, Tax-funded state services (roads, post office, schools, hospitals, water, etc), social security protection, protected minimum wage (strong union laws), consumer protection, antitrust protection (to preserve competition) minimized income gap between poor and rich.
Mostly opinion based pro's, its hard to find any inherent agreed-upon value in most of these
* Cons: Unstable monetary policies (central banking), fundamental collectivism (totalitarian abuse), heightened fear of communists (okay i'm kidding)
* Countries: United States***, Canada, United Kingdom, France, Germany, Italy, Sweden, Japan, South Korea, etc
* Success Stories: Japanese economic "miracle", The New Deal, and pretty much all developed nations of the world...
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