"Five of the Fastest-Growing Economies of the Past 30 Years-China,South

question 126

Essay

"Five of the fastest-growing economies of the past 30 years-China,South Korea,Taiwan,Singapore,and Hong Kong-had one thing in common at the start of their economic growth: undemocratic governments.Thus,it can be concluded that totalitarian governments are better for a functioning market economy than are democratic governments." Do you agree with this statement? Why or why not?

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Definitions:

Scarce Resources

Resources that are limited in supply and cannot fulfill all human wants and needs completely, leading to the necessity of choices and priorities in their use.

Marginal Rate

Often refers to the marginal tax rate, which is the tax rate applied to an additional dollar of income.

Transformation

In an economic context, it refers to the process of changing inputs into outputs, often related to the production process in industries or economies.

Resources

Assets, materials, and inputs used by organizations or economies to produce goods and services.