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In Capitalism Really A Capital Idea?

784 words - 4 pages

According to The Economic Times, “A labour market is the place where workers and employees interact with each other. In the labour market, employers compete to hire the best, and the workers compete for the best satisfying job” (Labour Market Definition | Labour Market Meaning - The Economic Times). This means that there is a supply and demand for labor. The workers supply the labor and demand is amount of labor desired by employers. The United States abided by a policy of a laissez-faire until the early 1900’s when the United States government began to fear the uprising communist regime that was gaining support fast and eventually took heavy control over economic activity. The “Red Scare” was a time of fear of communist takeover. One of the few remaining communist governments in today’s world is China. The Chinese labor policies are very nearly the complete opposite to those of the United States, and because of this, the labor market in each respective country vary greatly from one another. The United States and China both have an extensive economic past that has led them to where they are in their respective labor markets.
The United States followed a laissez-faire policy for as long as they could. However, in the mid-1800’s, the free market began to be taken advantage of by people such as John D. Rockefeller, J.P. Morgan, and Andrew Carnegie. These men attained a monopoly in their respective business. Whether it was banks, oil, or steel. These men owned very near all of it, and because of this, they could overcharge as much twice as much as the actual value of their goods, and the buyers would have to pay. Finally, in 1890, the Sherman Anti-trust act was established. This gave the government the power to essentially “drop the hammer” on large businesses and break them up into many small ones. In 1914, the Clayton Act was passed in an effort to improve upon what Sherman’s act was attempting to succeed in doing (Beattie, 2010).
The 1920’s were years more prosperous than the young United States had ever seen. Then came the stock market crash of 1929. This is arguably the largest turning point for United States economics and changes in economic policies. This monumental collapse occurred because most of the United States capital was owned within stocks. Capital is...

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