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Governing Economic Development Essay

3224 words - 13 pages

Since its establishment, the United States has been an actively dynamic nation that has adapted to develop and protect the participant of its economy. In America’s history, two categories of economic governing bodies have taken the stage, democratic institutions and market-capitalist institutions. During each of America’s many past economic regimes, one of the two categories of economic governance classifications took dominance and looked to the shortcomings of the preceding regimes reacting to create, or diminish institutions. The succession of regimes preceding the Reagan era expanded the United State’s democratic economic governance systems though centralized/national institutions. Many of these larger scale systems were downsized or cut completely, during the Reagan era, which helped set the tone, scale, and purpose of the Neoliberal regime’s democratic economic governance systems. America’s past economic governance systems situated the Neoliberal regime, which featured new community-oriented democratic institutions of economic governance that were motivated by public welfare rather than profit and with a unique approach to governance.
The neoliberal democratic institutions of economic governance share certain common themes and have not only been developed by the previous institution, but also have influenced the concurrently governing private (capitalist market) and mixed (joint capitalist-public) institutions. The highest value, or mission, of an institution as well as its source, differentiates the three categories. The capitalist institutions promote profit, the democratic institutions rally for public participation and prosperity, while the mixed institutions look to equilibrate each. These motives are important to be aware of as the development of community-oriented institutions are analyzed. More specifically, the mission of community-orientated democratic economic governance institutions are typically, to develop the economic system where citizen and community centric development is constructed on representative ethics such as, democratic legitimacy, accountability, equity, and sustainability. Each of these values persisted or developed from either the triumphs or failures of former regimes to create novel and useful economic governance institutions aligned with the expanding socioeconomic needs of communities.
Community-oriented governance institutions have played minor roles throughout the development of the global American economy and, for the most part, initiated out of the global opportunities. Within the United Stated, as the size of the country expanded and as new technological advancements presented themselves, capital’s mobility grew exponentially. This phenomenon is accelerated with new forms of transportation and communication, which inevitably became transcontinental and intercontinental. With little incentive to remain in specific locations, industrial, financial, and other capital producing corporations relocated...

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