MEH / A new age economic

model
Anju Babu
Jeetinder Khubchandani
Manoj Kumar Mohapatra
Sumit Kumar
Samudra K Mukherji

Market Model Specifications

Free Enterprise capitalism Model

Jeetinder Khubchandani
G15084

A market economy where competition primarily determines the prices, production and
distribution of goods
What is good:
Gives Economic freedom to consumer, producer, and resource owner
Minimal Influence of governing laws
Firms are innovative and efficient
Consumer has a larger say
What needs to be addressed:
Monopoly and Monopsony power of firms
Ignorance towards environment
Inequitable distribution of wealth

The Mixed Economy Model

Sumit Kumar

Tries to synergise Capitalism and Socialism

In practice, states sway along a continuum
Coexistence of the public and private enterprises
Evolutionary lessons:Need of the regulatory authority
Sustainability best driven as a state policy
Taxation is the real tool for redistribution
State action (preventive and punitive) can check
market failure

The Command Economy Model

A planned economy where decisions and policies are made at the Centre by the
Government
Follow
The Governments commitment to equality
Well defined and efficient processes
Thinking beyond profit maximization

Discard
Autocracy and stifling of citizens opinions
Corruption at the Centre

Nordic System
A synthesis of opposites; A welfare state that is based on the concept of
capitalism, free trade and a massive state sponsored benefits program.
Public provision of social services funded by taxes. (Tax burden one of the
highest in the world)
Free market capitalism and globalization; companies have a high degree of
ease of doing business
Low productivity and low levels of entrepreneurship
Aging population is a significant problem