In the 1980s, long lines for essential goods such as bread a…
In the 1980s, long lines for essential goods such as bread and sugar were common in self-described socialist countries like the former Soviet Union and North Korea, largely due to government-imposed price ceilings on these goods. Since then, the former Soviet Union has transitioned to a market economy by eliminating price ceilings, while North Korea has retained them. Based on these changes, what would you predict about the presence or absence of long lines for essential goods in both the former Soviet Union and North Korea today? Explain the reasoning behind your predictions.
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