Which Economic System Is Best Suited for Handling a Crisis of Epic Proportions (Hurricane, Flood, Blizzard, Forest Fire, Etc.)? Why?

Which economic system is best suited for handling a crisis of epic proportions (hurricane, flood, blizzard, forest fire, etc.)? Why?

As far as handling a crisis, I would have to say that the socialist economic system would be the best. Since the Government makes all of the decision, the socialist economic system would probably be best prepared for the situation. “Socialist economy is a system of production where goods and services are produced directly for use, in contrast to a capitalist economic system, where goods and services are produced to generate profit.” (2013) In any kind of crisis, the socialism system would best support the situation. The government would step in and help society out in a situation like this. “Socialism teaches people to help others during the time of crisis. Being a not for profit organization means that everyone doing what they are supposed to and looking after injured people’s best interest.” (2013)

Describe and explain why a socialist system might be the best in responding to the needs of people struck by an emergency situation like the earthquake that occurred in Haiti in January 2010

Health care, child care, and education are free in a socialist system. “The government would already be most likely responsible and/or prepared to serve the needs of those in need. It also states in the book that workers get longer vacations and work fewer hours per week, so the people available to help in cleanup disasters would be plentiful. The biggest advantage of socialist system is that they have the proper division of labor and quotas which are issued to them.” (2013) When a crisis strikes, the government comes in and helps out the people of the community. There are also many non-profit organizations and programs who help out the community as well.

Use the laws of supply and demand to explain why the cost to heat our homes and businesses goes up in the winter time. Be sure to explain your answer fully.

The cost of heat in our homes...