Marxist socialism, in practice, results in a communist economy. Marxists argue that open economic systems, such as capitalism, only benefit the capitalist upper class at the expense of the majority of society, the working class. Marxists also believe status quo international trade systems only serve the interests of the richest, capitalist states.
Your staff sends a memo to the Prime Minister detailing your decision, highlighting your desire to pursue a closed-market communist economy. The memo outlines your plans to nationalize all industries, collect all resources, and allocate resources equally. The United States, Pakistan, India, and other capitalist countries in the international community approach the Kashmiri Prime Minister and strongly urge Kashmir to pursue a capitalist economic system instead. The Prime Minister asks you: given the international community's request, which economic system should we choose?
|Washington Consensus||This model is based on the US-backed IMF policies for economic development and accentuates the positive role unregulated liberal capitalism can have on economic development. These policies include smaller state sectors, privatized markets, and liberalized trade and financial sectors.|
|Beijing Consensus||This model is based on China's economic development and emphasizes the role of the state in global economic integration. This theory makes two claims. First, the world economy is turbulent and unpredictable. Second, developing countries can overcome economic turbulence and stabilize their development through systematic government controls on the pace of trade integration, capital inflows and outflows, the movement of labor within the country, and the external value of the national currency.|
|Maintain Marxism||You wish to keep the Kashmiri economy under total state control and isolate Kashmir from the international community.|