the perfect system

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Throughout history, there has always been a struggle between owners of the capital and workforce and, to a greater extent, between types of economies. There are three main ways in which an economy is supposed to work demand economy, command economy and intervention economy. However, effective or ineffective as they may be, all these economies have their flaws.

First of all, the demand economy, also known as the market economy, is based on a fairly easy concept independent producers compete to satisfy consumer demands. There are no “patterns” but there is an “invisible mechanism” which assures everyone’s satisfaction. Producers prosper provided the consumers are pleased, and, at least in theory, everybody is happy. However, problems appear when the demand and the supply are not equal. For example, when the supply exceeds the demand, prices and profits tend to fall, producers lay off workers in hope for lower costs, but people are then unemployed and cannot afford to buy what is out on the market. It is all boom and bust, and solutions are often short-term ones and rarely easy.

The left response is to demand state intervention to keep things from going bad; the right response is to soften the rigours of competition by contriving monopolies. Both responses are, in effect, leanings towards the command economy - the plan it all and control it all economy.

Secondly, the command economy, which Romanians had the good opportunity to experience themselves, rests upon a small group of witty minds pulling all the strings. In fact, this type of economy is based on Marx’s idea “from each according to his ability, to each according A collective force working towards a common to his need”. goal, following long-term plans conceived by the best experts- this was the receipt for success. Unfortunately, this type of economy proved out to be the most disastrous. Some say that in an almost perfect country with almost perfect citizens it would have worked, but no one is really perfect and, what the economy did was destroy individual initiative. Furthermore, this economy was used mostly to offer a carefree life to its commanders, who were either mediocrities or absolute tyrants, who acted upon the saying that “absolute power corrupts absolutely”. Moreover, the command economy markets failed to offer a wide range of products and needs were rarely satisfied. As Nicholas Goodhart once noticed, to create a control is to create and incentive to evade it, and soon enough, black markets sprung out.




Another disadvantage of these regimes was waste of resources. A planned economy needs to divert resources into planning, rather than actually producing. The number of population employed was more than the number the productions really need if they improve their technology. Another problem is the over-regulation and inflexibility. An complex and intricate plan of this detail could not be easily adjusted to take account of changing circumstances, and could not easily find outlets for initiative and ingenuity. The Soviet Union contrived to keep a planning regime for more than 70 years, but latterly they were failing to meet increasingly modest targets.

Then, there is the Keynesian Intervention economy, the economy that is based on the state manipulation of demand economy. Public money is often used to ameliorate the busts. The worst effects of negative phenomena, such as unemployment and inflation are dealt with by the state. The poor are supported through welfare and public investments are stimulated. However, the disadvantage of this type of economy is its tendency towards command economy. It is not always that public decisions are the best and some producers complain about not being allowed to take all the decisions they want.

Party-politically speaking, the command economy is identified with defunct Stalinism, the demand economy is identified with political conservatism (sometimes called economic liberalism or Thatcherism); the state-managed market economy, meant to make the best of both worlds, is associated with the centre-left in politics. Two great deceased card-carrying Liberals are associated with this centre-left trend - Beveridge and Keynes - who towered over The British Economic Way of Life for most of the post-war years while their party had hardly any seats in the Commons.

To conclude with, no economy is a guaranteed path for a country’s prosperity. The fact that some countries are wealthier than others rests upon the way the governments mix the “ingredients” of all these types of economies, as well as upon the general mentality.



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