Nobody downloaded yet

Critique of British Prime Ministers attack on the free market - Essay Example

Comments (1) Cite this document
The free market theory postulates that there should be numerous participants within the same market engaged in the buying and selling of numerous and varied products. All such producers have the opportunity to take part in production activities …
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER99% of users find it useful
Critique of British Prime Ministers attack on the free market
Read TextPreview

Extract of sample "Critique of British Prime Ministers attack on the free market"

Download file to see previous pages The free market theory postulates that there should be numerous participants within the same market engaged in the buying and selling of numerous and varied products. All such producers have the opportunity to take part in production activities Furthermore, it argues that the ultimate gain is to consumers who enjoy the benefits of increased product diversity as well as competitive and affordable pricing on the same; in that the prevailing prices are a consequence of a “push and pull” forces of demand versus supply respectively. These ideal conditions of the free market form the basis and support for an economic practice that has become synonymous modern day trade under the banner of capitalism. For perfectly competitive markets, the ideal economics of a “free market” exist. This was the prevailing economic theory of the period of 1960-80. However, the current trends in economics suggest that big markets hardly operate under perfect competitive conditions since primarily; households are conscious about the markets; producers curve out their market shares therein effectively seeking profit and shutting out other competitors. Most markets in both the UK and the US are not “free markets” but oligopolies where a few firms control a large portion of the market (Hoetzlein).It is however unfortunate that the ideals of the free market are increasingly been used by politicians and technocrats alike as a rallying cry for free healthcare, reduced taxes, unregulated interest rates and deregulation of the aggregate economy. This has led to the erosion of the very fundamentals designed to optimize welfare to the consuming public of which they claim to be pursuant. The basic argument for the proponents of free market policies is in opposition to governmental interference in business operations and instead in favor of a natural restoration of balance within the economy. The ability and willingness to freely engage in exchange of commodities would therefore suffice in creating a natural order within the market that favors all parties involved. It is based on such an understanding that the British Prime Minister, David Cameron faults the previous regimes over their apparent apathy in regard to the exercise of free market policies. The prime minister argues that previous regime’s turbo-capitalism policies have turned a blind eye on corporate excesses plunging the economy into anarchy and violating the fundamental purposes for which it (the government) was formulated. Most apparent under his attacks on previous regimes policy of “letting capitalism rip” is the impact on oligopolies of necessity goods such as healthcare, utilities and housing. Such are the goods that are most pertinent to the civilian population as they are needed to survive; items with which households are unable to exert price elasticity. He condemns the previous regimes for denying the citizenry the enjoyment of these basic amenities at the expense of corporate greed and profit making. The recent global financial crisis has served to further the underlying weaknesses in the free market theory (Kwak). The world financial crisis is viewed as a banking crisis arising from the uncontrolled and misinformed deregulation of the United States’ financial market. This is because the world’s reserves are largely in the US currency (Roberts). Nowhere else than in the developed countries in Western Europe were the effects of the crisis mostly evidenced. However, most unfortunate is the fact that the role of most hard core free market theorists in this collapse seems to have evoked little or no interest. This further evokes questions to mind as to whether the crisis is over and if the supposed recovery is truly on course? Although many point to ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
(“Critique of British Prime Ministers attack on the free market Essay”, n.d.)
Retrieved from
(Critique of British Prime Ministers Attack on the Free Market Essay)
“Critique of British Prime Ministers Attack on the Free Market Essay”, n.d.
  • Cited: 0 times
Comments (1)
Click to create a comment or rate a document
mazie73 added comment 11 months ago
Student rated this paper as
Great work done on the "Critique of British Prime Ministers attack on the free market". I think it is the best research paper I have seen so far.

CHECK THESE SAMPLES OF Critique of British Prime Ministers attack on the free market

Free Market Economy

...?The term free market economy mainly means a system where land and capital are privately owned and the buyers and sellers are solely responsible for all economic decisions. The free market economy is usually associated with a pure capitalist system where prices influence the allocation of goods and services. In this kind of market, importance is placed on the freedom of the consumer and the worker, and the firm itself. The fact that a free market economy operates automatically is one of its major advantages. Moreover, when firms, consumers and workers pursue their own self interest through buying and selling in competitive markets, it helps in minimizing the central economic problem of scarcity, by encouraging the efficient use... of...
5 Pages(1250 words)Essay

Free Market System

...of the country. Likewise, the government would not be interested to produce variants of any category. For example, there would be a limited range of cars produced in the economy. Some critiques argue that this economic system maximizes the society’s welfare and there is more even distribution of income in the economy as opposed to free market system. This is true to some extent however, like the case of Laissez-faire, there is no economy in the world which is entirely command economy. There is some level of international trade or some or some level of production in an economy which is driven by profit motive. However just for the sake of argument, planned economies fail to meet the...
9 Pages(2250 words)Essay

Free Market

...?ECON 2022-007  Spring Dr.Martin Sabe  Free Market Economic equality and freedom is still a dream of several nations of this world. Poverty and want are still bothering the societies to a great extent. It is high time to find and follow the best economy policy for the economy of the nations. It has been highly controversial whether free market is suitable for the present world economy. It is still unknown which economic policy would solve the fundamental economic problems of the present economy. It is time to analyze whether the concept of mixed economy would find success in this present world. It is again controversial up to what extent the governmental regulation must be allowed in a mixed economy. Moreover, it is also important... to...
4 Pages(1000 words)Essay

British Prime Ministers

...? British Prime Ministers The British prime ministers are influenced by their leading styles and decision making processes. The leadership style entails how leaders relate with those that they lead. This includes the reception of information, and the decision making process for such ideologies and visions important there. This essay discusses how the British Prime Ministers in recent reign used different styles of leadership in strengthening their position, as well as their weaknesses. Each Prime Minister used different leadership style, each of which...
4 Pages(1000 words)Coursework

Different Styles of Recent British Prime Ministers

...Different Styles of Recent British Prime MinistersBritish prime ministers are usually experienced national politicians who have worked their way up in the course of their positions of their party and parliament. They have to be members of the House of Commons and often serve a lengthy apprenticeship before winning leadership of their parties. Britain government has been having prime ministers as the dominant figures in government as early as the seventeenth century. Amongst the most renowned prime ministers in Britain are such as Winston Churchill; who led Britain during the second world war, Margaret Thatcher who is commonly referred to as the iron lady, John Major and Lloyd George (Bennister, 2012). This discussion looks... into the...
4 Pages(1000 words)Essay

The British Prime Minister

...The Prime Minister is the most important personality in British politics. He possesses the ity to appoint his cabinet and makes the final decisions on major issues such as whether a referendum should be held on any issue like the the Euro or whether Britain should be a party to a potential American attack on Iraq. The Prime Minister also drives the Labor Party's policies and is most likely to be expected to justify those policies at the time of election. The Prime Minister is a working Member of Parliament. The Prime Minister may be head of the government but he is also...
5 Pages(1250 words)Essay

Free Market

...Free Market. Conclusion: The of the IASB Conceptual Framework are meeting and will continue to meet till they hopefully complete the allotted task in the year 2010, as envisaged at present. The era to which they belong and to which we all belong, is unprecedented in the human history. Thousands and thousands of pages of human history daubed in blood, concerning the 'growth' of human civilization ask a crying question. How to make the human life on this Planet Earth (now the scientists have crossed the moon and do research to beat the stars!) happy, peaceful and beautiful' The answer is simple and direct. Let your eyes be full of understanding, let your heart be full of love, may you ever remain free from conflicts- this is all... Market....
2 Pages(500 words)Personal Statement

British Prime Minister

...Constitutional reform is basically about parliamentary procedure are attacking the problem at the circumference; the central problem is about the power of the Prime Minister. I accept that we are now operating a presidential system; to do otherwise would be unrealistic. Let us concede the Prime Minister presidential powers and equip ourselves with the necessary safeguards," (p. 87). DIFFERENCE BETWEEN BRITISH PRIME MINISTER AND OTHER SIMILAR OFFICES OF PMS The ministers of cabinet do not owe much of loyalty to British Prime...
40 Pages(10000 words)Coursework

Free Art Market

...ART1 Free Art Market The downside to a free art market is a lack of a safety net, or comfort zone, for the artist. Although the artist in a freemarket is free to choose their own subject matter, they are also not protected from external changes in the market environment and forces of competition, as they would be under a patronage based system. In other words, they are free to succeed or go bankrupt, whereas in the patronage system, the continuing line of the church or monarch (and their happiness) virtually guarantees financial success, or at least stability. One can see how some artists preferred to work for as...
1 Pages(250 words)Assignment

British Prime Minister Become Too Powerful

...British Prime Minister Become Too Powerful Introduction In the British parliament, the prime minister is the most important person in the politics. Prime minister is in charge of appointing the cabinet and as well making the final decision on major issues pertaining the referendum. The prime minister in the British government takes the responsibility of driving the policies of the labor party before and after election time. Few individuals have believed that personality of the...
8 Pages(2000 words)Essay
sponsored ads
We use cookies to create the best experience for you. Keep on browsing if you are OK with that, or find out how to manage cookies.

Let us find you another Essay on topic Critique of British Prime Ministers attack on the free market for FREE!

Contact Us