Open Market Economy Essay : Open market economy refers to access of any product to any corner of the World without any barrier whatsoever political, geographical or customs and taxes. The term globalisation and open market economy go together. Open market economy creates an equal competition for all. Because of open market economy the consumers get the best thing at the cheapest rate. Open market economy ensures the quality and competitiveness. In open market economy quality goods will drive out the inferior goods. As a result the inferior and the inefficient entrepreneurs will be expelled by the efficient and competent counterparts. But it also creates a threat to the new and comparatively inefficient investors. As a result the developing countries cannot cope with the competition arising out of the open market economy.
The benefits of open market economy : Open market economy promises better qualities and cheaper rate. This promise, in fact, serves the interest of the consumers. Again it. creates an open secret competition among the producers to ensure the best at the cheapest rate. This economy provides the customers with a lot of options. So the customers will have the right to make their own choice. Open market economy preserves the right of the consumers. Again it creates competitive mentality- among the industrialists and businessmen. In order to survive, one has got to win the competition. Winning the competition will be possible on the basis of quality and price.
The bad effects of open market economy: Open market economy is not an unmixed blessing. It has some real disadvantages. Firstly open market economy serves the interest of the capitalists. The capitalist industrialists are stronger, efficient and experienced. Whereas the new investors are inefficient, inexperienced and weak. As a result the developing countries cannot avail the opportunities created by open market economy. The developed capitalist countries have a long experience of manufacturing, production and marketing. This long experience, huge capital have given the capitalist countries supremacy over the inexperienced and poorer investors of the third world countries. As a result the third world ‘countries arè no match for the powerful globalising economy in term of production, quality, efficiency and experience.
Conclusion: Open market economy is an inevitability and we cannot change the course of the world back to protectionism and conservatism. What ·we should do is to prepare ourselves to face the competition created by open market economy. We should adapt to the changes in the world economy. The third world countries must change their attitude to survive and to ensure sustainability. We have to explore the opportunities and make the best use of the potentials created by open market economy. In this regard we should refer to the Mao Zedong who says ‘If you can’t beat them, join them’. So it is obvious wé cannot make the capitalist countries change their strategy, but we can certainly cooperate with the process to realise our own national and economic interest. The sooner we realise this truth, the better it is.