BUS155 week 1 hw - 1. Question: No one can predict a...

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1. Question: No one can predict a natural disaster or world crisis. When a hurricane or flood or a pandemic strikes a country, who is most likely to respond first? Which economic system is the best solution to handling a crisis of epic proportion? Your Answer: The free market system is more likely to respond faster to war or natural disasters because compared to monolithic,socialistic,dictatorial, or communistic systems that are more inefficient,corrupt,unrealistic,apathetic, and more financially poor ,; free market systems are more robust, creative, pro active,enthusiastic, efficient,less hindered by red tape compared to market systems overlly−controlled by "know it all" governments.[2] For instance,during Katrina, The unfettered adaptability of the free market system allowed private companies like WALMART,HOMEDEPOT,FORD,PHARMACEUTICAL COMPANIES and thousands of individual donors to give more than a hundred million dollars ,tons of supplies,and also give hundreds of hours of personal time as volunteers to deal with the hurricane's aftermath in record time 2. Question: What advantages might a socialist system have in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January, 2010? Your Answer: Compared to the free market system in the US wherein there are fewer safety nets because of cost consideration and traditional expectation of more personal responsibility, socialism worldwide is very "poor" friendly .Socialism responds to the basic needs of the poor because
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This note was uploaded on 05/23/2010 for the course BUSN BUSN115 taught by Professor Goldwasser during the Spring '10 term at DeVry Chicago O'Hare.

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BUS155 week 1 hw - 1. Question: No one can predict a...

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