The transition of the former communist countries to market economies requires all of the following $\underline { \text { except } }$

Question

The transition of the former communist countries to market economies requires all of the following $\underline {   \text { except } }$

Quizplus · Accepted Answer

Terminating the convertibility of their currencies is not a necessary step for the transition to a market economy. In fact, most countries that have transitioned to market economies have maintained convertibility of their currencies. The other three choices are necessary steps in transitioning to a market economy. Removing domestic price controls allows market forces to set prices, opening economies to international competition encourages efficiency and innovation, and establishing private property rights provides incentives for investment and growth.

The Transition of the Former Communist Countries to Market Economies except ‾\underline { \text { except } } except ​

The Transition of the Former Communist Countries to Market Economies $\underline { \text { except } }$