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Having A Free Market Economy In The United States

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One of the main issues any country can face is what type of economic system they should operate by. The main economic system that is highlighted in the cartoon is that of a market economy. The heart of this system is that producers and consumers decide on how resources should be used. . Market economies are based on and depend on the forces of supply and demand. Government does not dictate A market economy does not have the intervention of the government or any other external influences; this means that individuals have personal freedom and choice. They are able to run their businesses as they see fit.
A market economy has its benefits in society. A country has no say what is produced, for who it is produced for and the quantity of the product or service being provided, this decision is made by the people. Free market economies are highly competitive. This requires different businesses to become more efficient with what they decide to produce. Businesses will do whatever is necessary to keep their costs down and production high. Competition in a market economy also leads to innovation; a business needs …show more content…

Having a free market economy means that the essential goods and services such as education, food, shelter and health care are not provided as much as they should be. The main aim for any business is to make profit and public goods such street lights, public transportation and even fire services does not put in money in a business’s pocket. Since there are no government regulations, some services may be provided poorly because they cost money or rather included taxes. Products such as cigarettes and alcohol will have more attention because these products bring more wealth to a business. This means that the wealth is chosen over the less advantage who have to suffer as they are not provided their public needs and are unable to afford the high prices of the market

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The Wall Street stock market crash shook the nation in 1929. The crash brought America great struggles and it will forever be marked in history as one of the worst economic crises of all time. When Franklin D. Roosevelt was elected president in 1933, the first thing he did was close all of the national banks so that they could be inspected before they reopened. Franklin D. Roosevelt also came up with the New Deal policy, which was supposed to relieve the sufferings of Americans and restore the stock market. Although many question whether it actually helped the United States or if it actually made the situation worse.

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The competition pressures the workers to work harder and create something new to reach a higher status in life. And these hard works of people, no matter if they are working to reach the high status or for better of society, help the nation as a whole. For example, the companies like Apple, Microsoft, Samsung are all having competition to have higher sale of their products. The workers of the company work hard to create better products then the other companies. Their motives are for the profit issues, but their outcomes from those competition help the nation.

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Thus allowing democracy to regulate the market through a set framework of legislations such as environmental legislations and working hours legislations. Under that framework, the market is mostly free, allowing private ownership for

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