Reference no: EM133124218

1. Please provide a brief comparison of the advantages and disadvantages of market capitalism relative to market socialism.

2. Suppose we develop a hybrid economic system for the United States, and workers can choose between two employment plans. Under Plan A, workers earn market wages based on their skills, but they may be subject to layoffs or other forms of temporary or long-term unemployment. Alternatively, Plan B provides workers with a fixed salary (equivalent to $40,000 per year in 2021) and full employment until age 70. All workers entering the labor force are under Plan A, but they can switch to Plan B at any time and must remain under Plan B if they choose this option. Based on your study of different economic systems, how well with this hybrid economy perform? What are its biggest advantages? What are the biggest potential problems? Please use what we have learned about different economic systems to support your responses.

3. Based on your reading of the assigned chapters, which country has experienced the largest change in its economic system since 1950? Which country has an economic system that has changed the least since 1950? Please explain your responses.

4. Over the past 150 years, several economies have transitioned from a traditional structure to a socialist system? Based on your reading of the assigned chapters, what are the three most important factors that determine the success of this transition? Please explain your response.

5. Suppose the US adopts a form of universal basic income program in which each household is guaranteed to have at least $3,000 in monthly income. For example, if a household's average monthly income falls below $3,000 in a given quarter, then the difference is made up with federal government subsidies. How would this program affect workers' decisions to participate in the labor force? How would this program impact the equality of income distribution in the US?

Reference: Rosser Jr, J. B., & Rosser, M. V. (2018). Comparative economics in a transforming world economy. Mit Press.