Ill.5.1.a Centralized Economy …………………………......……………….….…..….…...37 Ill.5.1.b Centralized Transaction ………………………......……………….….…..….…...38 Ill.5.2.a Decentralized Economy

from REV[IV]AL : An Attempt to Re-think of an Ideal Village_Design Dissertation_2021-22

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Ill.2.2.a Shift of Origin

5.2 |

DECENTRALIZED ECONOMY

A decentralized economic system, also termed as a free market economy, is a system wherein the business interactions carry out directly between the supplier end & the consumer end. Classical economists namely Adam Smith, David Ricardo & Jean-Baptiste Say argued in favor of a free market, that liberalized the industries & businesses of different scales to have a fair amount of profit based on the personal service they provide. A central authority may or may not intervene to monitor the transactions between the two ends, but the major decision making lies in the hands of these two bodies - supplier & consumer. The system runs on the principles of a theory stated as supply & demand, that explains the transactional relation between the supplier & consumer.

Ill.5.2.aDecentralized Economy | Author

Ill.5.1.a Centralized Economy …………………………......……………….….…..….…...37 Ill.5.1.b Centralized Transaction ………………………......……………….….…..….…...38 Ill.5.2.a Decentralized Economy

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Ill.2.2.a Shift of Origin

5.2 |

DECENTRALIZED ECONOMY

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REV[IV]AL : An Attempt to Re-think of an Ideal Village_Design Dissertation_2021-22