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Reflection Paper On The Economic Roles In The United States.

817 words - 3 pages

In the subject matter of economics, there are several types of roles that the United States government can assume for the U.S. economy. Those roles are: Economic Liberalism, Government Intervention, and Deregulation/ Privatization. To decide which role is most appropriate when talking about American economics, we must first define each of them.Economic Liberalism is an economic theory, in which freedom of action for the individual and the firm is promoted through several principles: self-interest, free trade, laissez-faire, private property, and competition. In this type of economic system, persons were are free to seek out their own personal occupations, enter into any business operation or venture, and to try and improve their economic opportunities however, whenever, and wherever they (the person) see fit to do so; because of these several factors, self-interest is consequently the driving force of the economy under the Economic Liberalism system.Also, under this type of system, competition regulates the economy. Businesses compete with one another through the making of new and better products and the selling of already existing products at lower prices than others. Another policy reigns under economic liberalism; that policy is Laissez-faire. Laissez-fair is a policy where there is no government involvement in the economic activities of individuals and business alike. Economic liberalism has weaknesses, however. The most profound weakness is its dependence on the beneficial effects of self-interest and its undue reliance on competition to regulate the economy and promote the general welfare.Government intervention is a necessary remedy to the disproportions that developed under economic liberalism. This role can be defined as the time when the state (national government) interferes with the working of an individual market i.e. through price controls. Many governmental interventions are necessary: Labor laws are necessary to protect workers; Anti-trust laws are necessary to prevent monopolies; and food and drug laws in necessary to protect the health of the country's citizens. In actuality, there really is no area of significance in this country's economy that is not affected in some way by the government. The weakness of governmental intervention is that although it is greatly necessary, some of it may not be. The weakness stems in the difficulty to determine whether governmental action is needed or not.Deregulation is the process by which governments remove restrictions on business in order to encourage the efficient operation of markets. A quick example of this would be the Civil Aeronautics...

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