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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
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Advantages/disadvantages of China moving to a free market economy

Plan

Goals

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

Rules

1.List all the possible advantages&disadvantages

2.Discuss fully with group members

3.Decide the final answer and give appropriate explanation

Define Problems

Capture Ideas

Prioritize Ideas

Problem

Which type of economic system is China currently?

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

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

Ideas

Advantages of China moving to a free market economy

1.Allocative efficiency 2.Wide consumer choice 3.Incentive to increase productivity 4.Flexibility 5.The market is self-regulating system 6.Personal and Economic freedom

1.Allocative efficiency

2.Wide consumer choice

3.Incentive to increase productivity

4.Flexibility

5.The market is self-regulating system

6.Personal and Economic freedom

Disadvantages of China moving to a free market economy

1.large inequality of income and opportunity 2.no provision of public goods 3.fails to consider social costs 4.demise of competition 5.misallocation of resources 6.instability of economy

1. Large inequality of income and opportunity

2. No provision of public goods

3. Fails to consider social costs

4. Misallocation of resources

5. Demise of competition

6. Instability of economy

Prioritize Ideas

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

Benefits of reforming current economic system

Whether China should move to a free market economy