This week we will have debates about Economic Systems: Market and Command Systems. Market Economies are systems in which private individuals and firms make most of the economic decisions regarding what to produce, how to produce goods and services and who will receive them. On the other hand, Command economies are those were government officials make economic decisions and control economic activities. Capitalism is related to Free Market Economies, while Command Economies are related Communism.
China's case is extraordinary. It is ruled by the Communist Party, but it has a Capitalist Economic System, and has become the second most powerful economy in the world, after the USA, but predictions tell that China will surpass the American economy in the next 10 year,
These videos will enlighten us about the story behind China's economic growth. The questions: Is democracy a prerequisite for economic growth? Or is ECONOMIC GROWTH a prerequisite for DEMOCRACY? Is democracy becoming dysfunctional?