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...

Find Another Essay On Reflection Paper on the economic roles in the United States.

Economic Implications of National and Private Health Insurance in the United States

3007 words - 12 pages perspective. Also, by allowing the workers to acquire health insurance, the overall costs for an employer to provide workers’ compensation in an event that an employee is injured on the job would decrease. After the New York Central Railway Co. vs. White, the United States Supreme Court ruled that a law must be enacted, which required employers to comply with new compulsory workers’ compensation laws in 1917 (Louisiana State University, 1998). By

The World’s Longest and Worst Economic Collapse, The Great Depression in The United States, Lasted From 1929 To 1940

1062 words - 4 pages The Great Depression PAGE \* MERGEFORMAT 1 Running head: THE GREAT DEPRESSIONThe Great DepressionWilliam R. BeamanUniversity of PhoenixThe Great DepressionThe world's longest and worst economic collapse, The Great Depression in the United States, lasted from 1929 to 1940. A brief discussion of causes is included. Some of the Federal government's responses and policies are examined. This paper will discuss the impact of the Great Depression

Why the Stock Market Crashed, the effect this had on the American People and how it affected the economic structure of the United States.

690 words - 3 pages The 1920's were a time of unbelievable prosperity. The stock market was going through the roof and the United States seemed to have the formula for limitless prosperity. However, the same formula that generated all of that profit would also be the cause of Black Tuesday. For five years prior to 1929, the stock market had been characterized by rising prices; there was an enormous "bull market."One of the causes for the stock market rising was the

The Economic Interpretation of the Constitution of the United States. by Charles A. Beard

1231 words - 5 pages Economic Interpretation of the Constitution of the U.S.The Constitution of the United States is a document that I have studied many times throughout my schooling in historical context. I never thought that the Constitution could be studied as an economic document with the reasons for its ratification being based on the economic interests of those writing it instead of the beneficial interests of the entire country. Charles A. Beard's, An

Guatemala: A Reflection of United States Intervention

1700 words - 7 pages institutions? Although answers abound, such as economic dependency on foreign institutions and the pervading tendency of officials to corrupt, the answer is at least somewhat more singular in regards the Central American country of Guatemala. Cementing the United State's hypocritical policy of opposing socialistic, yet democratic governments, the CIA orchestrated coup d'etat of President Jacob Arbenz effectively ended a ten year period of political

This essay describes the economic political cycles in the United States over the last 50 years in reference to Democratic and Republican parties

4646 words - 19 pages economic well being then at any other time in its history. The United States also experienced the lowest unemployment rate in modern times, the lowest inflation in 30 years, the highest home ownership in the countries history, dropping crime rates and reduced welfare roles. He proposed the first balanced budget in decades and he also achieved a budget surplus. Clinton successfully dispatched peace keeping and made international trade more

An analysis of seemingly imperialistic behavior by the United States in Latin America (late 1800's); was the US guided by economic or political incentive to intervene?

789 words - 3 pages by economic terms, but took a markedly different route. After "Entrepreneurs from the United States [came] to fill the vacuum created" (Keen 412), the United States started expanding their stake in the Cuban economy. When rebellion overtook the island, the destroyed property "brought complaints from powerful U.S. businessmen and financiers" (Keen 413). Williams's argument that, "economic entrepreneurs action on narrow interest-conscious motives

To what extent did the economic, political and social institutions of colonial America provide a firm or faulty foundation for the United States of America?

591 words - 2 pages ’s United States. Of course, many aspects of today’s United States are not seen in the colonial America, however, they were the ones who gave the ideas and the fundament for the United States, which today we describe as a successful country. It is possible that present-day USA is still laying a strong foundation for her future self by instituting technological changes, and that like cash crops served as a basis for today’s US economy, the investigations on the moon held today serve as a foundation for later discoveries in outer space.

Position Paper on Over Criminalization in the United States

1272 words - 5 pages IntroductionOver criminalization in the United States has a meaning in which the law is used to solve every situation, prosecute every mistake, and force Americans to behave according to the Criminal Justice system. Criminal Law is set forth to set the conduct that Americans think is deserving of the best punishment and ethical sanction. In the case of uncontrolled over criminalization, petty conduct is punishable as a crime. There are so many

Reflection Paper on Living in the Land of Promise Article

1168 words - 5 pages fulfill whatever that task is, we should always be ready to face all sorts of challenges along the way. Just like in the old days before Jesus walks on the surface of the Earth. There were a lot of people called by God to fulfill some mission, because He was preparing a promise for all humanity. Some mission He believes to be so important to accomplish to achieve a life of Eternity with Him. And these people who fulfilled all the tasks were all

Mexicans in the United States

3692 words - 15 pages of development in the United States is quite an interesting one. It has been largely based in discrimination and subordination, and the notion of the superior Anglo and the inferior Chicano. The provider and the dependent. These relationships and roles are derived from the economic dependence that the Chicano has always had in his storied history with the Anglo. Moreover, were Economic self-interests not the guiding principles of this Anglo

Similar Essays

The Economic Basis Of Slavery And Its Impact On The Emergence Of The United States

598 words - 2 pages the United States. Generally speaking, during the colonial era the economic rise in American society led to increase in plantations and the growth of urban areas.In the southern states, the economy was centered on agriculture: cotton, sugar, tobacco, and other crops flourished in the south. Without the technology we have today these crops required tremendous labor and time to cultivate. The plantation owners, in their efforts to compete in the

United States Election Reflection Essay

1545 words - 6 pages can become more independent, allowing them to strive for the Republican goal of economic prosperity and free enterprise. Everyone can be treated equally, with equal rights and equal justice, as every aspect of every person is admired by all. This also prepares citizens to solve future problems with ease. In short, despite having the same goal of governing and solving the issues of United States, they differ greatly on their method of doing so.As

A Reflection Of The United States Of America

987 words - 4 pages that carried several American passengers. The cause for American involvement is similar to the cause of Ignatius getting a job in the first place. The car damaging the building is equivalent to the sinking of the boat, to which Ignatius agreed to get a job but on his own terms. Similarly the United States entered the World War One in 1917 to later take control of the allies and defeat the Central Powers a year later, the departure of the Russians

Unemployment In The United States Has Fluctuated Due To Economic Conditions Through The Decades.

1357 words - 5 pages Unemployment has been a cycle throughout history, and in the United States, there have been many cycles with both positive and negative affects on the economy as well as the society. Many events or conditions can be associated with unemployment, there being a relationship between the two. When the history of the United States in reviewed, there have been extreme conditions that stand out over the years.Unemployment is used to describe the