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Are the obstacles to development best overcome by a planned or a free market economy? The idea of the free market system, believes that under development is a result of poor governments, whom are accused of adopting policies which are economically damaging, and suggests the free market system is the best option to stimulate growth. Simply put the free market theory states that scarce economic resources are best allocated by the forces of supply and demand. The free market system relies on certain conditions for it to work sufficiently well, it assumes that the conditions for perfect competition exist in all the markets of the economy. That is that there are many consumers and producers of the good or service, there is perfect knowledge of the goods and price sexist on the part of both consumers and producers, the goods produced in the market are all perfect substitutes, meaning the goods are...

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