This website uses cookies to ensure you have the best experience. Learn more

To What Extent Should The Government Intervene In The Economy To Protect The Public Interest?

1429 words - 6 pages

An economic system is an organized approach to producing and distributing goods and services. It is scarcity (in economic theory, the limited availability of resources and goods; the excess of wants over needs), which creates a need for economic systems. There are different types of economic systems in which all are believed to be the correct solution when it comes to scarcity. Capitalism is based on an approach to economics that promotes private enterprise. In a private enterprise system, you will see profit, initiative, competition, incentive and self-advancement. Socialism is an economic philosophy that stresses public ownership of the means of production rather than private ownership. Underlying this philosophy is the belief that this system is morally better because it reduces the gap between the rich and the poor. In socialism, there is government involvement in the economy, either through control or ownership of productive resources. Socialists believe that the government should provide basic necessities for all, as well it believes in competing political parties chosen to govern by majority rule, with minority rights guaranteed. The economic systems of nations in today's world are not simply capitalist or socialist. Economic systems now have elements of both capitalism and socialism. They are mixed economies. Canada is a mixed economy because it has a unique combination of capitalist and socialist policies. Government intervention basically means the amount of involvement the government will have in the economy. For Capitalism to work there must be little or no government involvement in the economy. For socialism to work there must be complete government intervention in the economy, where as in Canada there is some government involvement in the economy, but people have the freedom and individualism to do as they wish like in Capitalism. Some people believe that governments have a responsibility to protect the public good by regulating the activities of the private sector in the economy. Others support deregulation, believing that government intervention in the economy is really interference. The question is to what extent should the government intervene in the economy to protect the public interest? I believe that Canada should remain a mixed economy where there is some government involvement to accomplish certain economic goals as well as freedom and individualism. Firstly, there should definitely be government intervention in Canada to ensure that monopolies do not exist. Secondly, a problem with capitalism or private enterprise economies is that there is recurring depressions and unemployment that emerge as a pattern of economic changes. Lastly, as a mixed economy people still have incentives as well as individualism to make a profit. In this essay, the following three features to a mixed economy will be examined and explained in depth for a better understanding as why Canada should remain a mixed economy.Firstly, there should...

Find Another Essay On To what extent should the government intervene in the economy to protect the public interest?

To What Extent Should Governments influence public opinion?

1549 words - 6 pages . Even in democracies like the U.S.A, president George Bush manages to convince citizens the good of international concerns like the greenhouse effect and war in Iraq, which otherwise they would oppose. The true question still remains, to what extent should governments attempt to influence public opinion. Governments should be able to inform the public, give advice, but never physically force anyone to do what they do not wish to. When force becomes a

What should the government do about segregation in our public schools today? Does it matter to you, that students often attend public schools that are populated only by students of their own race?

665 words - 3 pages removed.National governments can try to do what they did not do back in the seventies. The national governments should pass laws to give state and local governments' power to try to help desegregate the public schools. One of the laws could be for example, that all state governments have the power to come into the public schools and see how the classes are sorted. If they come in and see that some classes are only filled with a single race then they can go

Should the Government Fund Public Preschools?

1882 words - 8 pages Money cannot buy happiness, but it can buy education. In this great country of ours, education is not a privilege it is a right. All children are given the opportunity to a free education. An education that should allow them to become high school graduates, 21st Century scholars, and prepare them as leaders to sustain this nation. What happens though when this is not the future for all children? The problem at hand is not all children are

Why the Government and the public should NOT focus more energy and funds into bush/country areas- relating specefically to Australia

588 words - 2 pages The Government and the public population should not pay more attention to the bushToday is the age of self-determination. No longer does the bush need to be governed and protected by the city. The era of protectionism, where the bush was granted excess funding, and treated as a 'special needs' area is long gone. Now is the time to embrace the egalitarian ideal we so strongly recognise, to aim for equality between city and bush areas.The core

Evaluation of Effectiveness of Community Care Fund – A Discussion about whether Government should Intervene in CSR Projects

1776 words - 8 pages four reasons of the failure of the CCF in handling social problems. It is generally suggested that the Government should act as a passive provider in launching social programs like the CCF. By allowing the corporations to design the social programs of their own, social problems can be more effectively solved as they have more resources and capitals than the Government. All in all, the Government should intervene in CSR projects to a very small extent, if not, avoid taking part in social programs since corporations are probably more capable in launching CSR projects.

Should the new America have a strong national government with a centralized authority and commercial economy, or a modest centralized government that should remain on the side of the minority?

521 words - 2 pages in Document 3, to be paid mostly by distillers of alcohol. Most distillers were from Pennsylvania, North Carolina and Virginia-the poor. Farmers were also affected. This wax was a burden to the majority of new Americans- the working class. Hamilton's party, the Federalists, in short, envisioned a new stabilized government. America should become a nation with a wealthy enlightened ruling class with an independent commercial economy. Hamilton also

to what extent did Margret Thatcher impact the British Economy

2099 words - 9 pages A. Plan of Investigation The purpose of this investigation is to analyze to what extent did Margret Thatcher, the prime minister of the United Kingdom, impact Britain's economy from 1997-1990. This analysis will look at themes revolving around her impact on the trade unions, tax rates, her impact on unemployment in the UK and her role in the Lawson Boom in the 1980s. However, how other neighboring countries besides the US were affected when

To What Extent is the Government Going for “Protection”?

1668 words - 7 pages public he was the one who released the information. V took many actions that went against the law, such as, causing massive destruction and murdering people to emphasis his distrust among the government. However, Edward Snowden acted simple and less harmful by publishing all the files he had so everyone was able to see what was going on. There was an amount of response from the public when both of these individuals revealed the government. In V

To What Extent Did Realism in Photography Impact the Public Opinion of the Civil War

2081 words - 9 pages A. PLAN OF THE INVESTIAGTION This investigation explores to what extent did realism presented by photography impact the public opinion of the Civil War? The Civil War was the pioneer war in terms of actively using photography as a means of recording. The investigation focuses on photography’s role in capturing the war at face value. Photos of major battles and scenes that exposed citizens to the reality of war will be analyzed, as well as how

To what extent was the American War effort in Vietnam undermined by public opinion?

3132 words - 13 pages , for example, sent out approximately $2billion worth of aid in the time running up to the Paris Peace Agreement. The war was costing money, and started to interfere with the economy. Johnson, however, would not admit to the extent of expenditure in case Congress decided to cut budgets on his domestic programmes. In 1965 the government deficit was $1.6billion, in 1968, it was $25.3billion, Johnson had not requested the required wartime tax

To What Extent Should The Drinking Age Be Lowered?

1272 words - 6 pages between 2001 and 2009 (The Center). In the 1920’s when prohibition went into effect, supports claimed that banning alcohol would lead to a decrease in crimes and it would benefit the economy greatly. However, just the opposite happened, crime increased greatly over the next decade as top criminals such as Al Capone took over selling bootleg alcohol. The government took a big hit as the not only lost money from stores not making a profit off

Similar Essays

To What Extent Should The Government Protect Minority Rights?

1016 words - 4 pages To what extent should governments protect minority rights?Nearly every nation in the world has some form of minority groups from within it. These minority groups aren't limited to ethnicity, race or religion but can also include language, nationalities, sexual orientation, gender, economic and political groups . However the most domineering groups that seem to be asking for substantial sacrifices made on behalf of the majority of Canadian

To What Extent Should Debt Be Justified In The Economy?

1005 words - 5 pages Keynesian economics is the idea that government spending can be used to stabilize the economy, and stresses the importance of moderate economic growth. According to Keynes, during prosperity governments should reduce spending to avoid inflation and to slow down consumer spending in order to maintain stable growth. During times of prosperity Keynesian theory states that governments should pay off debt, reducing the amount of money lost to

To What Extent Should The Private Lives Of Public Figures Be The Subject Of Media Coverage?

741 words - 3 pages To what extent should the private lives of public figures be the subject of media coverage?Public figures are those who have got their positions through the choice of their people, people who have been elected to lead the country or who hold responsible positions in their societies. They are people like royalty, presidents, prime ministers, ministers and members of parliament. To this we could add judges, public prosecutors and other important

The Essay Is About The Pros And Cons Of Various Economic Systems And The Governments Influence Within Them. The Title Can Be Stated As: To What Extent Should The Government Regulate The Economy ?

1671 words - 7 pages In a public enterprise economy, the government has the power to nationalize any or all industries which can lead to devastating consequences. One the countries famous for doing this was the Soviet Union. Joseph Stalin, the then dictator of the Soviet Union instituted two domestic policies that would eliminate any capitalism in Russia. He would institute rapid industrialization and the collectivization of agriculture.This would be known as the