Capitalism and Freedom Essay

There has been much talk in the last 10 years about changing our market and economy to a socialist economy. I believe this topic is public policy because of the controversy it has started. This is also one of the biggest factors in American life. The market and economy can make or break a life. And in this case many lives. There has been a huge debate about abandoning the Capitalist free market. Many of these suggestions come from the Democrat party and radical leftists. This is fair to be called a public policy because it is incorporated with economic affairs. This is the idea of a “progressive tax system”. I strongly believe no other system is as effective as a capitalist free market. A Free Market, Capitalist Economy trumps any opposing monetary system. According to economist Friedman, Capitalism promotes economic and political freedom. Capitalism promotes a free market economic stability and equality. This additionally branches from the concept of freedom. People can try for what they desire due to this free market, nothing is binding a crew of human beings or keeping anyone down economically, they have identical monetary freedoms. The Foundation for Economic Education claims that Capitalism promotes stability and equality in several ways. Lastly, and very importantly a Capitalist Free Market promotes growth and competition. Not only does the financial system grow from capitalism, but additionally the non-public wealth for oneself. Most of this is due to the financial competition and seeking to be the best. Under different structures, there is a lack of competition, which destroys the American market. Academic Director Berkley Center for Entrepreneurial Studies, states that capitalism promotes growth in more than a few ways to the American market, whether this be technology, businesses, or general monetary growth. Overall, Capitalism is a first-class market, it promotes: Balance and equality, Growth and competition, and economic and political freedom.

According to the University of California “The company who has poor products and excessive fees will consequently be forced to higher their products and lower their fees to reap their intention of earnings mastication.” This proves that competition is critical in a capitalist market because, other corporations will be making the same products, affecting their prices. This is an effect that helps all of us seek happiness. This may affect the enterprise negatively, however, it benefits the consumers or most people. Although there may additionally be bad outcomes for companies and agencies due to competition, most humans in our country are thriving due to lower prices, this lowers the danger of a monopoly or overpriced goods, negatively affecting the American consumer. A capitalist market is a free market or much less Governmental influence. The University of California also explains, that in a Capitalist market, there is less Government influence (Cali). While much less Government effect can also harm a small team of human beings who need Governmental aid, it benefits most of the nation. Getting rid of Governmental interference using removing regulations on businesses, markets, and labor. And helps promote the free market and allows human beings to do with their cash what they please. This lowers taxes on small businesses, permitting small business owners to prosper, which in flip creates more jobs. The Government may also have less “tax money” to help certain people, however this free market benefits many Americans. This capitalist market makes it notably less difficult to earn wealth. This market benefits the high, middle, and low classes, though might also negatively affect some citizens, however, the larger population helps the most and leads to market equilibrium. There are many more opportunities, including many more jobs and chances to invest.

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A Capitalist market promotes justice. The definition of justice is “just conduct or treatment”. A way justice is built into capitalism is; in accordance to the National Association of Scholars, “Reward is based on fairness and reciprocity, incentivizing overall performance and inspiring cooperation” (NAS). This indicates that nothing determines pay or whether you get a job or not, the sole component that determines how much money you make is work ethic. NAS additionally states, “Inequality of consequence is inevitable and fair; equity is judged by way of differential success and contribution” (NAS). How you are as an employee and citizen shapes your life. That is the beauty of a free market, with little government influence, you get paid by using how much effort one puts into something, making this fair. It would not be truthful and just, to provide cash to any individual who does not work for it. Competition with others plays a big role as well, as this makes you work harder and strive to be the best. Justice accounts for equal opportunity, and it is given in the capitalist market.

Furthermore, Capitalism promotes Justice in many greater ways. Similarly, it creates equal possibility and determines who flourishes based totally on the force of that person. But in a capitalist market, no one is bound down. According to the NAS“Equality of chance is determined by the diversity of discovered competencies and legal equality (prohibiting prejudice and discrimination)” (NAS). This shows that capitalism promotes justice when it comes to diverse races. No race is treated differently or given extra opportunities due to skin color. Everyone is given the chance to get the job they want, solely according to their non-public skills. Capitalism promotes “just cure or behavior” to the American citizens.

Political and Economic Freedom

Capitalism promotes political and economic freedom like no opposing economic system can or ever will. Capitalism does this in many ways, in a capitalist, free market one is free to vote and do as they please and seek liberty, freedom, and the pursuit of happiness (Friedman). Capitalism additionally promotes economic freedom using having much fewer regulations, on people and fewer taxes, permitting citizens to have extra money. Plus, in a free market citizens can invest in what they want, when they want.

Political Freedom is one of the best benefits of a capitalist market. Economist Milton Friedman states, “Political freedom capability the absence of coercion of a man by his fellow men. The necessary danger to freedom is energy to coerce, be it in the hands of a monarch, a dictator, an oligarchy, or a temporary majority…By removing the employer of economic recreation from the management of political authority, the market eliminates this source of coercive power. It allows monetary power to be a test to political electricity as a substitute than a reinforcement” (Friedman). This proves that capitalism is the first-class preference for political freedom. People residing beneath a free market have much fewer restrictions and fewer authorities have an impact on them, better recognized as a small government or a capitalist economic system. Fewer regulations on one create greater political freedom for oneself and more individual rights.

Next and most importantly, capitalism promotes monetary freedom. The Foundation for Economic Education states, ‘“the enterprise of the bulk of economic endeavor through non-public business enterprise working in a free market — as a gadget of financial freedom and an essential situation for political freedom.’ This is one of the outstanding reasons why capitalism is an exceptional market. Many different markets no longer promote economic freedom like capitalism does” (FEE). This indicates that a free market promotes financial freedom. As mentioned using the Business Dictionary, “The freedom to prosper inside a country without intervention from authorities or monetary authority. Individuals are free to invest and guard his/her human resources, labor, and non-public property”. Capitalism promotes each factor of “economic freedom”. In a capitalist market, the biggest aspects are fewer regulations and authority, which in short, allows for the freedom of individuals.

Balance and Equality

Capitalism promotes stability and equality like no other market can. According to the Foundation for Economic Education, “The reality is, that material benefits loved in the previous only through the superrich are, in today’s capitalist societies, enjoyed by almost everyone. This undeniable reality demolishes accusations that capitalism creates inequality” (FEE). This ability that all of us have materials that solely prosperous human beings may only had in the past, shows the equilibrium of capitalism. For example, most people have materialistic belongings, due to a free market, permitting less expensive goods and greater income. Many human beings will argue that the rich will solely get richer and the poor will get poorer. This thought is false, the wealthy work for what they have, and their personality and work ethic brought them to where they are, and they must keep going on a fantastic trail to maintain what they earned. (FEE) The poor will not get poorer in a capitalist free market. This is due fully to the reality that not one character is bound down by regulations and can invest get an education and live the American dream. Capitalism provides the right to the American Dream (FEE). Everyone is given identical freedoms and has to work for what they want, it is never just given to any of us in a free market. Capitalism is a great market to decrease poverty and create balance and equality, due to the fact there are extra jobs available and higher wage jobs due to fewer regulations on businesses and small businesses. Consumers can get merchandise at fair pricing to survive.

Growth and Competition

A free market promotes market growth and competition in various ways. When it comes to capitalism there is greater economic freedom, permitting more humans to begin a business and have an increased chance at success. This encourages competition and that advantages the American consumer in thousands of ways. The extra investing and spending being executed the greater our country grows, and our financial system thrives. If it was not for growth and competition, the United States in no way would have been a profitable economic system or even have any profitable businesses.

One of the most important components of capitalism is growth. A free market promotes an economic boom in many ways. According to professor of political economic system Emily C. Skarbek, “In the common United States of America that became extra capitalist over the ultimate 25 years, the average citizen won a 43% enlarge in income, almost half of a decade in life expectancy, and a 2-year expand in the common years of schooling. In my lifetime alone, freer markets have elevated the lives of billions of human beings from all walks of life” (Skarbek). This proves that a free market helps economic increase plus growth for the citizens of America. A large reason why capitalism promotes growth is due to the fact of basic standards of competition, efficiency, private property, and free market. When there is a free market with no authorities, more humans are inclined to invest. The more humans who invest, the more money that goes to the country and economy. Plus, with fewer government guidelines there is a decrease in taxes on everything, which means more money in the citizens’ pockets, which is an ideal equation for investing. For evidence of this, all one needs to do is look at our economic system currently or our GDP. Under President Trump, he has removed many regulations on groups and we have the leading Gross Domestic Product. This brings millions on millions of jobs into the United States. As we are importing less goods and beginning to export way more.

The largest factor in any high-quality society or economy is competition. Capitalism promotes opposition in many ways. One way it does this is using making humans compete with others for jobs, making people work tougher and smarter. Without private competition no one thrives to be the best, nobody is hungry for success. Competition, either makes or breaks people, however, it does convey the best in an individual and a working society. Most importantly, the opposition is really useful for the American consumer. If it was not for competition between businesses, a product ought to be marked ridiculously high. In a free market, businesses can solely thrive if they are producing good products, at a fair price. This is what makes buyers receive exact products for a sensible price. Especially when groups are competing to thrive, they no longer simply compete with the quality of items but also prices. It is more difficult for an enterprise to turn out to be a monopoly because if a business enterprise is asking an awful lot for their merchandise a consumer could turn somewhere else for a similar product for a more cost-effective deal. (Albert).

In conclusion, capitalism is a fine financial machine and has many high-quality effects. Capitalism promotes many vital aspects including: Balance and equality, Growth and competition, and monetary and political freedom. Balance and equality are promoted in a variety of methods in a free market and this promotes justice as well. Justice is the notion of equal treatment, and in a free market not one person is bound down through laws, all have the same rights to prosper. Growth and opposition are very important factors in a profitable economy, and these are some of the biggest components of capitalism. Lastly, a free market and less government promotes monetary and political freedom which is crucial in a free world like America. Capitalism promotes freedom and private rights and permits the pursuit of happiness. Research has shown that international locations that have applied capitalism have come out of poverty and prospered. Capitalism trumps every economic system, fully because of these aspects, but also many more. My opinion on Capitalism Is I believe this research and proof and strongly stand in the back of it. I trust this is a fine system. I selected this Public policy due to the fact it is a huge debate today. Many politicians believe socialism is a good replacement for capitalism, however, socialism is flawed. All it is is wealth redistribution and this kills competition and the economy. Socialism in many activities has gone radical left and it turned into communism on occasions due to the fact it gives the government greater power. No society has ever thrived from a 100 percent socialist system, and a perfect instance nowadays is Venezuela and other socialist countries. Their poverty rates are through the roof and they are broke.

Bibliography

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