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who owns the factors of production
This is a trick question so the answer has to be: "that depends." First of all, there are numerous different forms of market economies", [ with different answers: If you are equating market economy with capitalism (which is not accurate, but still common), then the answer you probably want is that ownership is in private hands. But, in fact, that isn't true in the real world: 1. Most big companies are publicly-held corporations. There is no single owner; the stock may be widely distributed. 2. Much of the stock in the U.S. is owned by pension funds, which nominally act on the behalf
of workers. That means you could say that workers own many of the means of production, even if they have no control over them. 3. Much of the rest of stock is owned by mutual funds. But mutual funds don't actually exercise any control over the companies whose stock they hold. Thus they may be legal owners, but they don't behave like owners. 4. Then there are the sovereign wealth funds where foreign governments buy stocks and other assets: source:yahoo ]
Expert answered|sharpies|Points 8533|
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Asked 10/9/2012 7:15:37 AM
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