Many developing countries in the “Global South” turned to socialism in the past as a means to solve their economic problems. Now, in light of the evident failure of socialism, many of these countries seek to create fast growth through the establishment of market economies.
- a) Select a country in the Global South that has been in the news recently and then visit a reputable website, read a newspaper, or watch a TV broadcast to catch up on the latest events relating to the economic development of the country. Next, using the country you researched, identify which of the five (5) market economy policies the country appears to be following. Provide support for this conclusion.
- b) Speculate about the likelihood of success in achieving a prosperous market economy for the country you researched. Next, discuss which of the policies is most effective and least effective for the country you researched. Provide a rationale for your responses.