Social Growth, Economic Progress
GUYANA  has a mixed economic  system that allows private sector operatives great latitude as business owners and entrepreneurs.
This latitude is not a norm with all economic systems. Each economic  system, for instance, Free Market Economies, Planned Economic Systems and Mixed Economic Systems, has its own individual characteristics.
It is important for proactive, innovative business owners and entrepreneurs to have a clear sense of understanding how they are expected to function in each of these systems.
I indicated earlier that, as a mixed economic system, the corporate sector of Guyana has the scope to grow and expand as a key contributor to social growth and economic progress. While there is evidence of tremendous strive within this sector to embrace new beginnings, I am still tempted to ask my usual rhetorical question: are there adequate steps taken by key stakeholders to enable the private sector to take full advantage of the latitude that comes as a functionary within a mixed economic system.
I will answer this question; however, let me take you on a tour that will help you to better understand the characteristics of these economic systems, before answering the rhetorical question posed.
Economic Systems influence the way businesses conduct themselves: as producers of goods and services, the type and nature of business private sector operatives find themselves in, is determined by the structure of the respective economy.
These structures also influence how businesses consume natural and capital goods as they strive to sustain their livelihood by supplying the needs and wants of consumers. It is important for business owners and entrepreneurs to understand the gravity of each economic system on the sustainable development of their businesses.
The issue of sustainable development of businesses in respect to the economic system must not only be interpreted with the focus on domestic realities, but it should also show solid consideration for how these systems may affect their livelihood as regional and transnational cross border traders.

FREE MARKET ENTERPRISE

There are very little examples of free market economies or rather there are not many countries that can be truly classified as free market enterprises. The countries that come close to this example are the United States of America and Taiwan.
Many multi-national companies are in favor of this type of economic system because it encourages the free movement of goods and services and the global expansion of businesses. In this economic system, trade barriers such as tariffs, quotas and even self imposed export limits may become a thing of the past.
The removal of trade barriers allows goods and services to enter into countries and be made available to the market at lower that usual prices when compared to countries that have existing trade barriers. This in turn increases market competition, reduces cost and allows goods and services to be made available to the final consumer at lower prices.
Because of the high level of competition that this economic system encourages, it forces manufacturers and service provider industries to enhance the quality of their outputs in an effort to attract positive public response, increase and maintain market share, and gain competitive advantage.
While there are many advantages for the final consumer, the realities in this economic system can create serious challenges for small and medium size businesses that are not prepared to deal with the competitive environment and the level of corporate innovation that takes place by entrepreneurs to create new products and services and to find the element of market differentiation that may force them to crumple under market forces.
Business owners and entrepreneurs that are able to secure the right human and financial capital resources and create relevant social networks are able to realise great wealth while contributing to social growth and economic progress.
PLANNED ECONOMIC SYSTEM:
The best known examples of countries that practice full state control or utilises the principles of the planned economic system are North Korea and Cuba.
These countries control the entire social and productive sectors of their economies. They control the media, the school system, the employment sector and the list goes on. Multi-national business may not be able to setup shop like they would in countries that practice the other two economic systems mentioned above.
There is full state ownership that seeks to control all economic activities in terms of what is produced and the approach used to achieve end products, the amount and how they will be distributed to the population. Consumer preference or rights to indicate their preferred choice is not considered important to the leaders in this type of economy.
MIXED ECONOMIC SYSTEM
Most if not all countries that are influenced by the modern democratic process exploits the principles of the Mixed Economic System. What this means is that the economic activities in the primary, secondary and tertiary sectors are carried out by both the private and public sector.
Economic activities like oil extraction, farming and fishing are influenced by both sectors. Manufacturing of products such as clothing, computers, building construction etc are also influenced by both sectors.
Last but not least, the provision of banking, university, tourism and hospitality, transportation and other such services are carried out by both the public and private sector organisations.  In most if not all cases, because of the nature of this economic system and the latitude that it allows its citizens to exercise the freedom of choice over what they want to consume as individuals and when they want to consume them, if the state does not provide them with what they need or want, they have the privilege, all else being equal, to produce the essential things that they need or want.

The private sector in most mixed economic systems employs more than fifty percent of the countries human capital in all three of the service sectors. What this statement shows is that the private sector plays a very dominant role in the provision of goods and services any may reap the benefits / rewards that come with being a business owner or entrepreneur.
The last point made above brings me back to the rhetorical question posed in the first paragraph of this article. And I quote: “Are their adequate steps taken by key stakeholders to enable the private sector to take full advantage of the latitude that is allowed within a mixed economic system”.
ANSWER:
The truth is, Guyana’s private sector is badly wounded because of immigration of its best think-tankers and skilled labour. What is also evident as factors that fracture the rapid growth of the privates sector is the lack of the proactive will of some business owners and entrepreneurs to create a more enabling productive sector through training and exposure to unconventional methods of communication and leadership.
The strength of the human capital is a direct and exact reflection of the strengths of the industry. With properly aligned training programmes that address participants at an individual and a collective level, allowing them to see past academic ambition, but more so how to align passion and competence to the strategic vision of the relevant industry, will pave the ground work for the moulding of highly motivated and proactive human capital that are prepared to push the boundaries of corporate norm in Guyana.
Guyana’s Private Sector as the HUB of social growth and economic progress will never be able to fully represent its position as critical stakeholders in a mixed economic system unless it com
mits to the comprehensive development of the human capital. The sustenance of this reality as a norm, for too long, will eventually make the sector more vulnerable to external pressures that are not sympathetic to the concern of the sector.
Preparedness through education and training and the shaping of individual awareness of their rich potential to grow through the creation of enabling environments that foster the comprehensive development of the human capital will alter the tide of business activities and set a new stage where industrial leaders and entrepreneurs will be encouraged to produce more and compete at an international level.
I am still researching how much multi-national companies Guyana has as the sector attempts to fully represent its position in a mixed economic system. I believe that the great visionary and leaders within the corporate sector, through training and the deliberate development of a strategic plan to foster the collective development of business owners and entrepreneurs and their respective businesses, through the creation of corporate networks, can truly advance social growth and propel economic progress.