Traditional economy

Discover the principles and characteristics of traditional economy. Learn how this economic system relies on customs, traditions, and barter systems to meet the needs of its community.
Difference between command economy and free-market economy Design, Ideas, Marvel, Command Economy, Goods And Services, Political Economy, Market Economy, Interventionist, Economics

In this paper, Dr Wilkinson examines the problems of the Cuba's centrally planned economy from the point of view of the classical liberal economists, Freidrich Hayek and Ludwig von Mises, and argues that they would see the recent policy changes as a tacit admission that Cuba's command economy is a failure. However, they would also warn the Cuban government that by hanging on to an interventionist role, this bold new experiment is doomed to fail as well.

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