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The markets are coordinated and structured in a number of forms, giving rise to distinct market systems, such as the market economy, the regulating economy and the mixed economy. The first category is consumer-oriented, the second is government-controlled, and the third is a combination of the first two, respectively. Countries also have components of both of these structures, but they are also major ones in one.
In my view, democracies should work in a hybrid economy where there is a balance of power. The market forces are allowed to play their part and the government is given leeway to intervene where it sees fit as long as it is within its legal mandate. This system is the appropriate one since it ensures that consumers are protected and the government is well placed to provide an enabling environment. As a matter of fact, this market structures encourages the free trade philosophy where countries’ government d not restrict the imports and exports across the borders, thus leaving the only restriction to be determined by demand and supply forces. However, regardless of the matter aftermentioned, the government reserves the rights to impose sanctions and similar penalties where it sees fit or obliged to as the laws and treaties may determine. As a matter of fact, this is the most used economic system globally (Infoplease, n.d.).
From my point of view, the mixed market is the desirable market structures since everyone has a voice, including the government and importantly, each player has the ability to watch over the other and ensure market protection. As a matter of fact, a majority of countries embrace this model of economy in pursuit of the principles of fairness and capitalism (Glass, n.d.).
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Glass, M. (n.d.). Free trade Vs. protectionism debate. Retrieved from ehow.com: http://www.ehow.com/facts_5300893_trade-vs-protectionism-debate.html
Infoplease. (n.d.). Getting organized: command, market, and mixed Economies. Retrieved from infoplease.com: http://www.infoplease.com/cig/economics/getting-organized-command-market-mixed-economies.html
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