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In modern day

In modern day, socio-economic dynamics trends have gradually been changing from a command led economy to free market economy, for instance, former Soviet Union and the Central and East European countries have witnessed large-scale and widespread deterioration in social conditions (UNICEF, 1995; Milanovic, 1996). Many have attributed the waning in social improvement pointers as a predictable consequence of the severe economic decline. Though Social policies are deemed to be important especially for the production of merit goods, one cannot lose sight of the pressures of a lagging economy (Louis, 2011).
The command economy was widely practiced by most Asian economies but along the pressures and challenges their centrally planned systems were transformed through the introduction of market mechanisms at various times (mostly since the late-1970s). Some of the countries that embraced this policy include China, Mongolia, Vietnam, and the central Asian republics of Kazakhstan, Kyrgyzstan, Uzbekistan, and Turkmenistan (henceforth, the CARs) (Kantarci,2007)
The economic system adopted by a nation largely determines how its economic resources are owned, the principal actors, and competition among others. It usually spans across parts or all sectors of an economy. In Ghana, the educational sector could best be described as a mixed economic system because it is a hybrid of the command and free market system.
Ghana is ‘endowed with a good education system’ a statement made by BBC News Monitoring Department. The History of education in Ghana dates back to 1592. Over the centuries, education has had different goals, from spreading the Gospel to creating an elite group to run the colony. After Ghana gained its independence in 1957 the education system, then modeled on the British system, has undergone a series of reforms. Especially