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There are many advantages to a free market economy. They range from the moral issues to the practical issues. We will deal mainly with the practical ones.
This is not to say it is easy, it is just easier to become rich or poor when you’re left to your own devices as opposed to a controlled economy where resources are allocated by the government.
Free market-leaning countries have higher GDPs than command market-leaning economies. This is because they produce more.
Free market nations generally spend more or have more efficient social programs.
For example, the police and firefighting technologies in America and Europe far surpass those of China or many Arab states. Answer:
A stark and apt comparison is North and South Korea which up until the 1950s had the exact same history, yet now are completely divergent where the South Koreans excel in every one of the above 7 categories compared to the North. It’s very clear now empirically that individuals that live in countries that reject the free market are much worse off in every respect than those who live in freer societies with stronger capital markets.
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