Should Individuals Be Free To Pursue Their Economic Interests Analysis

LSE 100 Essay – 201629352
Should individuals be free to pursue their economic interests?

Economic Interest refers to a financial or a monetary benefit that could be received from pursuing a certain economic activity. The essay specifically addresses the issue of individual’s economic freedom. Economic freedom, also referred to as economic liberty, is the ability of individuals in an economy or in a country to be able to pursue their economic interests. The essay argues how individual economic freedom leads to the greatest good for the society. And therefore, individuals must be free to pursue their economic interest. Accordingly, governments must establish and improve already established institutions that increase economic liberty, as it

Income Tax, which is today the main source of revenue for any government, did not exist. In 1870, John D. Rockefeller established the Standard Oil Corporation, which by 1890 controlled 90% of the refined oil flows in the US and made John D. Rockefeller the richest man in the world, ever. Standard Oil had become a monopoly and was eventually broken up into 34 companies. John D. Rockefeller was the most hated and admired man in America. He established Standard Oil with emphasis on providing a reliable and a cheap product. He managed to push the price down from 58 cents to eight cents a gallon for oil. Rockefeller not only created a safe product for the consumers at a cheap price but also revolutionised the industry by introducing various uses for the waste products. Under Standard Oil, millions of middle class and poor American families could light their homes for a cent an hour. All in all, Standard Oil and John D. Rockefeller, despite garnering a lot of negative public attention, managed to essentially benefit the American public. Consumers preferred his product over that of the competitors because it was cheaper, of a standard quality and safe to use. Standard Oil workers were often paid a higher than average wage, for their benefit. Rockefeller eventually went on to donate billions of dollars to charity and he is one of the most

The topics of rising income and wealth inequality have become increasingly popular in recent times as inequality is continuously reaching levels higher than ever before. A recent study has stated that the richest 8 men in the world possess as much wealth as the bottom 50% of the entire population of the planet. This is unprecedented. And is a matter of grave concern, and provides strong evidence against the argument presented in the essay, the fact that rising economic freedom has resulted in rather sub-optimal outcomes where the rich become richer at the expense of the welfare of the society. (Oxfam International,