Advantages/disadvantages of China moving to a free market economy

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Advantages/disadvantages of China moving to a free market economy by Mind Map: Advantages/disadvantages of China moving to a free market economy

1. Plan

1.1. Goals

1.1.1. Discuss the advantages&disadvantages of China moving to a free market economy

1.2. Rules

1.2.1. 1.List all the possible advantages&disadvantages

1.2.2. 2.Discuss fully with group members

1.2.3. 3.Decide the final answer and give appropriate explanation

1.3. Define Problems

1.4. Capture Ideas

1.5. Prioritize Ideas

2. Problem

2.1. Which type of economic system is China currently?

2.2. What are some factors that will influence China's moving to a free market economy?

2.3. Do advantages of moving to a free market economy overweigh the disadvantages?

3. Ideas

3.1. Advantages of China moving to a free market economy

3.1.1. 1.Allocative efficiency

3.1.2. 2.Wide consumer choice

3.1.3. 3.Incentive to increase productivity

3.1.4. 4.Flexibility

3.1.5. 5.The market is self-regulating system

3.1.6. 6.Personal and Economic freedom

3.2. Disadvantages of China moving to a free market economy

3.2.1. 1. Large inequality of income and opportunity

3.2.2. 2. No provision of public goods

3.2.3. 3. Fails to consider social costs

3.2.4. 4. Misallocation of resources

3.2.5. 5. Demise of competition

3.2.6. 6. Instability of economy

4. Prioritize Ideas

4.1. Negative impact on Chinese economy after moving to a free market economy

4.2. Benefits of reforming current economic system

4.3. Whether China should move to a free market economy