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 Five Year Plan. Stalin wanted to change all private owned farms into state owned farms as he thought this would improve agricultural productivity. This grain was then expected to feed all the urban workers and any surplus would pay for programs and ...view middle of the document...

In a system that promotes Reagonomics, lower end families get less social services due to less government intervention. In the 1980's in the United States, Ronald Reagan was elected president and vowed to cut taxes, reduce government intervention in the economy and balance their budget.He thought this would encourage people to buy more and thus boost the economy. At first he cut twenty five percent from the income tax which to many would be a good thing. However families that earned 10 000 dollars a year only saved about 120 dollars in taxes while families that earned over 80 000 dollars saved nearly 15 000 dollars. By cutting taxes across the nation, he had to reduce money given to social programs, some of which many people depended on. However he believed that because the economy would boom, it would help the poor more than social programs did before. Between 1983 and 1985 Reagan cut funding by 30 billion dollars, all of which was set aside for programs to help the poor. Certain programs like Medicaid, a service which helped pay medical bills for millions of people received a two billion dollar cut. This would result in many people losing thier coverage and thus they would have to pay these bills on their own, something which many people could not do. By this time there were nearly thirty five million people who were considered to be poor and another thirty million who were near poor. Other cuts included millions of children being cut from breakfast and lunch services offered by schools, many of which needed this food as they could not afford anything else. This clearly shows how too little government intervention can be very devastating to those with lower incomes. The Reagan Administration set out to boost the economy but ended up making things worse for over 60 million Americans. They wanted the poorer people to work harder in order to be able to support themselves more and rely on the government less. In the end too little government action can result in unfavourable circumstances for many people so the solution could be to have more government intervention.In an economy with very little government involvement, there is competition that allows for high quality goods to be produced. In today's world technological companies like Sony, Philips, JVC, Panasonic and others seem to be competing the most among The computer industry is definitely one of those sectors in which the majority of this competition takes place. Companies like Dell, Intel, Alienware,Sony,HP and many others are always trying to buy over new customers with all the new technology. In order to get all these customers, these companies are constantly producing something bigger and better so that the average person can afford it. In recent years Alienware has been offering very high end computers that are used almost strictly for computer gaming. There has also been Dell which offers nearly the same however some of the hardware that comes along with Dell PC's isn't as good as some...

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