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Week 4 - Essay Example

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In as much as market capitalism, which is the American economic system is the prevailing economic trend globally, various nations and her citizens have a choice in settling on the ideal economic system. This is essentially because each nation has rules and institutional…
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Economic Factor Variants of Industrialized and Capitalism American Economy Question One Recent history shows that we do havea choice of economic system. Can you verify the above statement with some real examples?
Discussion
In as much as market capitalism, which is the American economic system is the prevailing economic trend globally, various nations and her citizens have a choice in settling on the ideal economic system. This is essentially because each nation has rules and institutional arrangements that regulate the entire economic system (Gregory et al, 2004). The American economic system, which is undeniably doing well for example is a mixed system, and is hinged on the operations of both the private and public sector. Similarly, nations that fall within West Europe, Pacific Asia and China have embraced trade and industry systems that work for them and guarantee them strong economic growth, while some nations in East Europe such as Russia and Africa, have rather failed to embrace ideal commerce strategies, for most of their economies are yet to register substantial growth.
Question Two
What are the market structures of industries in American economy?
Discussion
In the process of using the available means to yield goods and services, both the private and public industries within America have to deal with both the product and the resource markets. The product market is majorly classified into four categories, which includes the competitive segment, as well as those sectors that exhibit monopoly, oligopoly and monopolistic competition. Similarly, the resource market is classified into labor, capital and land. Presently, the labor market is experiencing decline in unionization and government intervention. The capital market also comprises of financial intermediaries like banks, with the public sector accounting for 20% of the economy.
Question 3
What are the reasons for decline of labor unionization in America?
Discussion
Labor unionization in America has registered significant decline over the last fifty years with the percentage declining from 35% in the 1950s to 11.3% in 2012. The implementation of unfriendly labor laws is one of the reasons for the decline in labor unionization, for legislations such as the Taft-Harley Act of 1947 and the Right-to-Work law, which has been implemented in over 20 States have made it difficult for unions to perform their duties freely. Another reason for the decline is the process of establishing unions, as the duration between petitioning the National Labor Relations Board and the union election is always long, and allows employers to campaign against formation of Unions.
References
Cleaver, T. (1997). Understanding the World Economy. New York. Rutledge.
Gilpin, R. & Gilpin, J. M. (2000). The Challenge of Global Capitalism. Princeton University Press. Accessible at: http://www.nytimes.com/books/first/g/gilpin-capitalism.html
Gregory, P. R. & Stuart, R. C. (2004). Comparative Economics Systems. (7th Ed.) Boston. Houghton Mifflin Company. Read More
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