To date, we have discussed the effects of wage and price controls in many different types of governments. We have gone over how they have played out in different periods of history. In this essay, I would like for you to assess the effects of wage and price controls on autocracies versus democracies. In what instances are they ineffective and how so? Are there some instances where they might be effective for certain types of government such as in war time economics? How about in the long run? Does any one particular government work better for maintaining a long term wage and price control system? Why? In answering this question, please consider how wage and price controls function in the system of economic and political regime of a country. Where do wage and price controls lie on the spectrum of political (democratic vs autocratic) and economic regime (command vs free market)? Would you consider them an element of a democratic government or do they take away from the elements of democracy? Please provide examples whenever possible from different countries in different periods of history. All things considered, in what instance(s) would you recommend price/wage controls if any? Why or why not?
