“A government is not need to ensure the whole society’s welll-being” Adman Smith.
2.LITERARY REVIEW OF THE FOUR ECONOMIC SYSTEMS
2.1. Traditional Economic System:
The traditional economy is a system whereby the goods and and products created by the society are shaped by the customs, beliefs and tradition. It is one which is not very dynamic and there is none much of modification occurring . The individuals standards of living are static, they do not enjoy much financial or occupational mobility, conversely Dr Butler, G(2013:158) stated “ One advantage of a traditional economy is that each person has a function in society.”
2.2. Planned Economic System:
A planned economy is an economic system which is controlled by the state, hence the usage and distribution of available resources are embodied in a formulated by a central authority.Government officials play a role in he regulation of prices, wages and even the determination of who should be employed. The planned economy refers to a centrally planned economy despite the fact that it is based on either centralized or decentralized forms of economic planning. Dr Butler, G(2013:159) outlines the aim of central planning which he has explained as means to improve productivity and coordination by enabling planners to take advanta...
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...nited Kingdom: Cambridge University Press.
• Schott, K. 1984. Policy, Power and Order: The Persistence of Economic Problems in Capitalist States. New Haven and London: Yale University Press.
• Butlar, G. 2013. Introduction to Academic Literacy for Economics Students. Vaal; North-West University. (Study guide AGLE 111).
• O’Dowd, M.C. 1996. The O’Dowd thesis and The triumph of democratic capitalism. South Africa: The Free Market Foundation.
• Novak, M. 1983. The Spirit of Democratic Capitalism. New York: Simon & Schuster.
• Harris, L. 1990/91. The Mixed Economy of a Democratic South Africa. Investment Analysts Journal. 33-41
• Dr Kleynhans, E.P.J. 2013. Economics. Potchefstroom: North-West University. (Study guide ECON 111 VEC)
• Dr van der Merwe, W.J.J. 2014. Introduction to business management. Potchestroom: North-West University. (Study guide BMAN 111
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