Match the description to the most appropriate political-economic system. This po

Question

Match the description to the most appropriate political-economic system.

This political-economic system favors free markets but a more interventionist state to redistribute wealth and protect against market failures. Answer 1

This political-economic system favors a minimal state presence in the market. This translates to low levels of regulation and a robust private sector. Answer 2

This political-economic system favors a high level of protectionism to develop the domestic economy. Answer 3

In this political-economic system, private property is eliminated and the state engages in redistribution of wealth. Answer 4

Explanation / Answer

Answer 1 is the appropriate match Government can redistribute income and wealth to improve equality of opportunity and equality of outcome. It can provide interventions to reduce umemployment. Government intervention can regulate monopolies and promote competition. Therefore government intervention can promote greater equality of income. To overcome market difficulties  public goods like lighthouses, police, roads,etc, can be provided, it is required for a government to pay for them and out of general taxation. Government regulation of monopoly can lower prices and improve economic efficiency.

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