Iris Inc.

Economics is really starting to get to me

Since I began studying economic a year ago, I found the subject to be surprisingly interesting and eye-opening. One topic that really got me thinking is the types of economies. I know more than 90% of the world practices market economy and all, but I can’t help but think that a planned economy ain’t that bad. Think of planned economy and you’ll think of communism or Karl Marx and it’s usually not a thought that generates positive responses. Communism is more than often linked with dictatorship, military ruling, lost of freedom, poor countries, low economic development etc etc. All these negative traits cover up the fact that hardy anyone was unemployed or living in extreme poverty under communist rule, everyone had access to basic necessities and equality of wealth was strongly emphasised. To those who have the capability to earn more than others, it is an unfair and annoying ruling however to those who are lowly educated and less fortunate, the communist rule must have been a blessing from God.

When I look at the world today, I can’t deny that market economies have done wonders for countries. Just look at Russia and how developed it is now. The rich are getting richer and MNCs are rapidly taking over the world but the poor are getting poorer too and their numbers are increasing non-stop. There are people who live in so-called ‘rich and developed’ countries that sleep on the streets and beg for money from passerby to buy a meal to keep them alive, people who sell their organs to support their family or people who leave their daughters to die on the street because they cannot afford to support them *think India*. Where is justice in that? What are governments doing about that? What happened to equality? When I see these people, I’m reminded of how unfair market economies are and under communist rule, these people would probably be a lot better off.

So the main question is, should countries practice market economy that allows a minority of people to be rich or communism that ensures that everyone is fed and have a roof over their heads in the expense that no one would ever get rich no matter how hard they work?

Personally, I think that decisions should be made that benefits the majority of society and that is usually the poor (not including countries like Switzerland and Sweden). However, I’m sure the richer part of society will be stomping their feet yelling “TYRANNY!!!” I too have a strong conviction that the people should have absolute say when it comes to the ruling of a country, it is the people after all that make the country but when the voice of country is controlled by upper-class citizens, a market economy wouldn’t do much good for anyone else other than them. I know it’s inevitable but I can’t stand the injustice and the ridiculous wealth gaps, it doesn’t make sense. I think  the main culprit is the ignorance of mankind to care for our fellow brothers and sisters.

I know I’m ranting. It’s my first post in half a year and I’m ranting about economic systems, you probably want the last 5 minutes of your life back…lol anyway I’m just happy to finally get this off my chest.


August 29, 2009 - Posted by | Uncategorized | ,


  1. Economics IS really thought-provoking! IT used to be legal, but well, i guess you know why,,,

    IMHO, the only sensible way to run an economy is to incorporate elements of both types of economic systems. Vital industries should be regulated(think healthcare) whereas some others should not be excessively protected(think proton).

    Countries like Norway, Canada does a good job protecting the people while not sacrificing economic development and growth. Despite high taxation rates(up to 40-50%), the money is well-used for the welfare of the people.

    Anyway, you might say this post is a rant, but it is an intelligent one. Hope to see you updating ur posts more often.

    Comment by Ian Liew | October 19, 2009

  2. In essence you are arguing for a socialist oriented mixed economy. The curse and beauty of democracy, to quote my favourite movie the great debaters is “no idea prevails without the consent of the majority.” The intractable problem about democracy is that everybody has a right to speak, and sometimes favouring the majority can essentially be argued as a tyranny of a majority. People like you and me advocate the principle of equality, of distributing the wealth evenly. The problem is, not everybody agrees with us. If I were rich, I’d probably disagree.

    Comment by Keat Yang | January 6, 2010

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