In the 21st century market economic model dominates in most part of the world. Is it working well to meet the objective of economic efficiency, full employment and economic growth in the developed and develping world is questionable given the economic experience of different countries with varying degrees of success in most part of the world.Why is it so is another question. I will give you some examples below to highlight this fact.The best example I can strongly think is the economic condition in the former Soviet Union after the collapse of the so called Communism in the 19th century. The success of market reform is patchy and its economic performance to meet macroeconomic goals of full employment, productivity and economic growth with limited inflation. This obviously shows that market system will not work in all countries efficiently because of the different historical, cultural, social and personal differences between countries and imposition of market economy disregarding these barriers will not work as expected. That is market economies must be adapted to each country rather than pure imposition of western liberal market system in other countries where profit motive is not the prime motive of production because of the above mentioned reasons. This is also true of even the Western economies because the USA, UK, Germany, France and other European Union member countries have different levels of unemployment, economic growth rates inflation rates and varying levels of productivity.It is also evident comaparing the economic performance of developing countries and the gap between the developed and developing counties.
For example Chainas economic growth predominates than amy other country in the Asia Pacic region and India's econoic growth rate is also impressive compared to Japan, Singapore and Malaysia. However if one compared poverty levels Japan, Singapore and Malaysia are far more impressive than China and India beceause of the population desity compared to other countries mentioned above. If you comapre per capita income of Develped and developng countires there exist a substancial gap eventhough it is becomming narrower due to Industrial development in the developing countires.The above examples of actual experiece of these countries demostrates eventhough they are primarily market economic system it is not pure market system and the role of government in regulating the system varies and they have differnt cultural and social system as well which inhibits the market system to work as expected. There fore the so called market reform alone will not be possible in some countries and they must have the blend of market and government regualtion that works for them rather than prescribing liberal market reform to resolve economic issues in these countries to improve economic performance. This may or may not work from the differing sucess of market reform in different countries as mentioned above.