Expert: Iraq is heading to a social market economy in 2030 plan

Sat, 18 Mar 2017 10:11:10

Economic expert revealed fulfillment James Baldwin, Saturday, that Iraq is heading to a social market economy, under the new national development plan which starts from 2018 until 2028, for the State to a new role where the social dimension of development.

James Baldwin said that the State's new economic roles for the next phases within the next five years under the third national development plan will determine the path and the future of Iraq sought by 2030, which would be the guiding role of the State wetashiria and operational partnership with the private sector for national and foreign. "

She continued, that the method of gradual transformation of the responsibilities of the State and the private sector would be the gradient method and not in a shock, because the private sector is now unable to bear the entire developmental responsibility under an active role for the oil sector and its control over most of the Iraqi economy development events, which generates 60 percent of GDP. "


*** The social market economy is essentially the economic system that most liberals today aspire to. The model consists of two components: the central elements of a free market (ie. private property, free foreign trade, exchange of goods and free formation of prices), and universal health care, old-age pension, and unemployment insurance as part of an extensive social security system to help eliminate the harmful effects of a laissez-faire system.[1][2] Thus, it can be classified as a mixed economy, coupling high economic freedom with a degree of government regulation to prevent abuses of private power.

The social market remains one of the primary features of many nations in the European Union, admired by both the centre-left and centre-right there. Although, by American standards, it is in socialist commie territory ***