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Which Economic System Is Best Suited For Handling A Crisis Of Epic Proportions?

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1) Which economic system is best suited for handling a crisis of epic proportions?
Economic system is a system allowing exchange of goods and services in a society. There are various system such as communism, socialism and capitalism. Every system has their unique way in order to run the society. What if there is a disaster? What would be the best economic system to handle such crisis? Everyone brings forth different opinions when it comes to this discussion. In my opinion, the economic system that would stand firm during such crisis is capitalism. What actually is capitalism? Capitalism is an “economic system based on economic freedom and competition” (29). What that means is that it’s a free-market system where companies decide to fail or succeed on their own risks (28). In other words, prime example of that would be Walmart, which is privately owned and they can choose who, how and what to sell at their own prices. It sounds vague to some audience that how would that help a society in crisis? Since, the capitalism is free-market system, there are capitalism business that donates funding’s very often. Microsoft is such an example that helps countless people even though it is capitalism. So, there a hope that in future crisis, free-market business such as Microsoft would come in aid.

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Many branches were deployed in aid of the people suffering the aftermath. Socialism branches played a key role providing food and health care. The point here is that socialism may be the best suited government for handling a crisis. Socialism is a non-profit business ran by government, such as postal offices, heath care and more (30). Socialism economy is easier to run at such times because they are non-profit making it more effective and quicker. There is no window for personal benefit. Thus, making it effective, efficient to deal with such downfall in the

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