While some country's shy a way from the free market system, it seems like China is starting to reap the benefits. Through Hong Kong, China has built an isolated area were they have changed communist ideas into free market ideas. The profits China has made from this haw spurred the country, people are trying to cross the government border, risking there lives, to get to the better life, the free life. remind you of anything?
According to the free market system, there is a limited government that has some purposes:
1. Provide national security (military)
2. Provide law enforcement (police) and law
3. Juridical Systems
4. Set limitations on standards
Therefore, the economy will be run on competition. quality of products will go up, while prices will go down because businesses will produce the best quality product so that consumers buy there, and the prices will drop because people will want to buy affordable products.
With the limitations of the government, humane standards will be met for working conditions. these will not be strict standards. because of competitions, business will use incentives and higher pay to attract the best skilled workers. and the worse the working conditions, the more the pay.