Economic question??

Question

No economic system has been able to respond quickly to the devastation caused by war or major natural disasters.

1. Why is the free market system more likely to respond faster??

2. What advantages migh a socialist system have in responding to the needs of the poor??

Answer 1

1. Why is the free market system more likely to respond faster??

Because free market allows freedom to individuals to respond to market forces and make money by meeting a demand at the least cost posible relative to competition. In a free market economy, people are judged and paid by their performance and the quality of the performance. When people feel theselves internally powerful and motivated to deal with problems and create new things as they do in a free environment of a market economy, they resopnd immediately and continously. They do not depend on commends from above or help of the Govt.

2. What advantages migh a socialist system have in responding to the needs of the poor??

Socialist system is a lot of talk and words. Peple work by commands and do not get rewarded for individual contribution through initiative, innovation, invention, higher [productivity or reponsibility/ the only advantage that the socialist system hs is that poor are made to depend on the State for sorting out their difficulties. and that State has huge amount of resources at its command to del with emergencies so tat lower incentives or productivities do not relly matter.

Answer 2

Your question is indeed literally economic!