Would these economies perform better than capitalism with access to modern information technologies?

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Learning Goal: I’m working on a developmental economics multi-part question and need an explanation and answer to help me learn.1. All of the planned socialist economies were founded decades before computers, smart phones, and the internet were invented. If these tools were available at the time the planned socialist economies were founded, would these technologies provide a positive or negative impact on the performance of this system? Would these economies still exist as planned socialist states if they had access to modern information technologies? Would these economies perform better than capitalism with access to modern information technologies?2. In Chapter 1, the authors provide a brief description of Schumpeter’s concept of creative destruction – old technologies are destroyed by new technologies, which contributes to the dynamic efficiency of capitalist economies. Could creative destruction also affect outcomes in planned socialist and market socialist economies? Which economic system (market capitalism, planned socialism, or market socialism) is least affected by creative destruction? Please explain your responses.3.Please compare the three major types of economic systems (capitalism, planned socialism, and market socialism) based on the following performance criteria: growth, efficiency, and income distribution. In your opinion, which of these performance criteria is most important for the viability and stability of the system? Please explain your response.4. The concentration of wealth and inequalities in the distribution of income have always been important public policy issues for the US economy, but the intensity of interest in these issues has varied over time. These issues became very prominent in the late 1800’s and early 1900’s, in the 1920’s and 1930’s, in the 1960’s and 1970’s, and at the present time. One of the current policy proposals is to reduce income and wealth inequality with a tax imposed on the assets of the wealthiest members of society. How would a wealth tax affect the growth, efficiency, stability, and income distribution of the US economy?5. Suppose you read the following statement in a business magazine, “Islamic economies, socialist economies, and capitalist economies encourage charitable giving by their residents, but they do so in very different ways.” Do you agree with this statement? Please explain why you agree or disagree with the statement.
Requirements: not less than 1 page per question

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