Economic Systems

Even with todays technological advances no one person can predict when a natural disaster will occur. When said flood, forest fire, or hurricane strikes your hometown, your city even your state whom is most likely to be a first responder? Which economic system is best suited to handle a crisis of epic proportions? When faced in a natural disaster such as a hurricane, floor or fire for example, the local police or fire department, volunteers, and yes even the local government are usually the first on the scene. These people assist in putting out fires, searching for lost, preventing outbreak of crime, and providing food, water shelter etc. for those in need. National non-profit organizations such as FEMA (Federal Emergency Management Agency) and the American Red Cross have also been known to come to aid during times of crisis. Yet the real question still stands, what economic system is best suited for handling a crisis of epic proportions; would this solely depend on the crisis? After all don’t all economies each have their own set of strengths and weakness? Some may say that the free market economy has the best in place system for natural disasters. The reason being thought that the government does not work in an effective enough manner regardless of how much funding is available. The market economy has however a motive and means, the motive being profit. Their means is large corporations like Walmart, Target, Cost Co, Lowes, Home Depot that are able to get supplies to places that are high in demand and in the case of crisis they would be quite an effective tool.

Others may argue that a command economy is better able to move more quickly and effectively in the case of a natural disaster. In this economy the government is in control, in the case of order they can simply demand resources. There is no waste of time, money or resources that are not rendered necessary, just the ones that are deemed necessary.

Socialist system

So what about a...