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The Modified Market Economy - Online Term Paper

The Modified Market Economy

What is a modified market economy? What factors have been responsible for the
emergence of this kind of economic system? How do governments influence
economic decision making in such systems? Use Australian examples to illustrate
your answer.
A modified market economy is a market economy in which there are varying amounts
of intervention and property ownership by the government. The Australian economy
would be classed as a modified market, as we have a certain degree of
government intervention, and this is something we should feel lucky for in our
country, because due to this we are able to experience the free, fair
lifestyle which we enjoy.

The emergence of this kind of economy is ...

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richer and
the poor get poorer as there is no regulation in terms of income distribution.
The intervention by the government, in forms such as social security nets,
which is present in a modified market, makes society more evenly spread rather
than everyone being one of two things, that is, very rich, or very poor.

In such economies as these, the government influence economic decision making
much to our advantage in terms of them providing many of the resources needed to
satisfy collective wants, making restrictions upon what can and can not be done,
in the interests of our health, the environment, impacts upon society etc.
Through this they regulate much of the possible ‘bad' economic decisions that
could be made.

The Australian government does place some limitations on freedom of enterprise,
but generally encourages private business activity as it is an advantage to our
whole economic growth in terms of employment etc.

The Australian government also encourages the ...

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The Modified Market Economy. (2005, July 25). Retrieved January 23, 2025, from http://www.essayworld.com/essays/The-Modified-Market-Economy/30603

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PAPER DETAILS

Added: 7/25/2005 10:41:48 AM
Category: Economics
Type: Premium Paper
Words: 515
Pages: 2

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