Short answers about Introduction to Political Economy Essay - 3

Short answers about Introduction to Political Economy - Essay ExampleIn a bid to take over the market, firms enhance internal efficiency, adopt new technologies, invest in innovations, and reduce inefficiency on managerial level (Office of Fair Trading 6).In the economic systems that are base on supererogatory markets, the latter are major determinants of market outcomes. In the situation when the market chastening occurs because of the fact that this markets quality, price, or quantity do not meet established societal welfare norms, economic pattern is used. Its major aim is to prevent market visitation. It is desirable since it prevents the market failure (Jacobs & Rapoport 353).The major difference between capture theory and public interest theory is that the latter believes that regulation is inherently effective it leads to the society getting better off. By contrast, capture theories assert that regulation whole kit in the interest of a particular group which has succeed ed in making its case to some regulative agency or some legislative body (Hovenkamp 133)In his Communist Manifesto, Karl Marx lists 10 steps necessary to destroy the system of free enterprise and replace it with system of all-powerful governmental rule. This will pass on in the communist state. These steps of 10 Planks of The Communist Manifesto are 1) abolishment of private retention and giving all land rents for public use 2) a heavy progressive (or graduated) income tax 3) abolition of rights of inheritance 4) property confiscation from all rebels and emigrants 5) centralization of credit in the states turn over through national bank 6) centralization all transportation and communications in the states hands 7) factories extension waste lands cultivation 8) equal liability of all people to labor 9) floriculture and manufacture combination, as well as equitable population distribution around the country 10) free education in all public schools (Sims 194).The earliest positi on in the timeline of