Is America # One Analysis

A Market Economy is mainly governed by the people, whereas a Command Economy is controlled by the state. They may share a lot of differences but they also share some similarities. But through all of this a market economy seems to be the better option because they offer more freedom.

In a market economy there's a lot of capitalism occurring. In market economy countries they are more open to new ideas and because of this they offer more freedom in order for people to be able to start their own businesses. For example in the video “ Is America # one?” by ABC, John Stossel talks about America and its market economy. In this video one can see that because of capitalism the U.S has become known as the land of opportunity since here people can come

This can be shown in another example from the video “ Is America # One?” where John Stossel talks about Hong Kong and how they have a huge population like India, but unlike India they are actually doing really good in their economy. This is because in Hong Kong it’s really easy for entrepreneurs to start their own businesses since there's hardly any government involvement, unlike in India where the government likes to regulate everything making it basically impossible for people to start their own businesses. Processes to start one's own business may even take up years in India and on the other hand in Hong Kong it only takes a few days. One disadvantage of not having a lot of government involved though is that there's a lot of risks one has to take such as the business not being successful and losing

In a market economy how the production of goods and services are distributed are determined by the market. In a command economy this is decided by the state and the people have no say. Another thing is that even though both types of economies offer jobs, in one economy there's more incentive to work than in the other. In a command economy there's less incentive to work since the government keeps the majority of the money and there's no opportunity into advancing into a higher position. In a market economy there's more incentive to work since the people keep most of their profits and there's actually more opportunities into advancing into a higher position and starting their own