Free market economy
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Economists all around the world would agree that free market has become a cliché in today's world. Today, free market is a blended version of capitalism's perfect market competition and government monitoring don't confuse that; we call it mixed economy. However, whenever a third world government plays regulatory role our "development partners" still mischievously use this concept as a tool to suggest that "laissez-faire"(which means market mechanism bypassing government participation) is the best way to go about operating market. "Customer sovereignty", "better regional market balance" and "effectiveness of private capital management" --these are the very old pretexts that have been shown behind their prescriptions and not very surprisingly been duly carried out by our somewhat "spineless" governments of the third world (or more specifically LDCs) despite strong and spirited protest from local economists. But that's only the beginning! Very surprisingly and suspiciously these institutions stay tight lipped when world's bigger economies opt for subsidy in agriculture. Whereas these organisations, "development partners", ought to work for the improvement of less privileged ones, it seems that their stakeholders are in fact the bigwigs. Tragically, now when the bigger economies' private sectors are facing the music, it seems the governments will come up with tax breaks, bailouts blah blah… I am not saying that to overcome the recession, more precisely the credit crunch, this is an inappropriate approach. Actually, what it proves is that both the private sector and the government are two key players in market management. So, our "development partners", please don't come up with the absurd idea of "Free market economy" excluding any government act other than watchdogging. The government actually has a hell of a lot work to do- especially in health care, education, staple food marketing and distribution. We saw what catastrophe an oligopoly or syndicate can bring in market. Now is the time for the government to break the silence, speak out and pontificate to our "development partners" where really is their free market model functioning.
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