Critically evaluate and respond to each of the following three questions :

The labor market in European system faces challenges as many parts of the world. Discuss the extent and the ways that will shift the dramatic movement away from planning toward markets and alter the systemic arrangements used in developing nations. Determine if these changes will influence the levels of living in EU countries.

Unlike the market economic system, for which the competitive ideal serves as a theoretical underpinning, the socialist economic system has no theoretical underpinning. Evaluate your position against the European economic integration providing rationale for your argument.