There is currently an international debate between mixed capitalist economies and autocratic planned economies. The rapid growth in China over the last several decades have prompted some in the West, as well as in China to declare 'their system' is best and there is often a comparison to the more chaotic progress of democratic India. Both countries have proud pasts and dominant economic histories. At the time of Augustus Caesar in the year 1 A.D., as dominant as was the Roman Empire, it only represented approximately 25% of the world GDP compared to 30%-40% each for China and India... Centuries of colonization and Western dominance led to significant declines in the GDP of both countries. However in the last 50 - 75 years both have begun to retake the world stage with dominant, large economies... You need not reflect on either China or India when responding to the prompt below but I wanted to set an historic backdrop for this question.

Discussion Prompt: To explore the distinctions between planned and market economies, explore the shortcomings of a planned economy. Even with artificial intelligence, how will a planned economy fall short? Then, with a market economy, ask how government may be needed to fill essential roles. Some areas typically run by government have been privatized, such as prisons and healthcare. Are there any issues or problems with this privatization?