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Economy through US History - Essay Example

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Instructor Date Economy through US history Market economy refers to an economic structure whereby the decisions in relation to the provision of goods and services are determined by the citizens. Heidensohn (100) argues that market economies allow citizens determine the pricing of goods in the market through constant and consistent interactions with the business owners…
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Economy through US History
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Economy through US History

Download file to see previous pages... In fact, in such economies the country’s economic activities depend entirely on the decisions made by the government. For market economies, the supply and demand curves determine the shape that markets will take. Analysts that advocate for market economies argue that market economies are the best for thriving of successful economies. Market economies also work on the assumption that the government does not contribute to well being of the common citizen. It is the responsibility of the citizens to fix prices for their goods, subsidize industries, as well as authorize quotas. Though majority of the countries are characterized by mixed economies, it is evident that citizens have always advocated for a chance to regulate their own economies. In as much, market economies are considered the best in the global world, debates keep raging on how much the government has to do in order to have well-organized economic operations. Over the years, Americans have been on toes in an attempt to attain a balance between government regulation of the economy and the individuals to make their own economic decisions. This essay shall trace the events and measures that took shape in America to the point whereby individuals were able to make their own economic decisions. In the primordial years, American history was characterized by less involvement of the government in business sectors, especially the private sector. The transportation sector is one of the major economic sectors that did not enjoy less government intervention. This phase of the economy was referred to as the laissez faire phase. Kuttner (220) argues that laissez faire traces its roots to the 18th century, a move that strongly resisted intervention of the government in businesses. This phase worked on the assumption of ‘let it be’, with championing of proper wages and duties for workers. At this time, it was generally accepted that the government had no role to play in restrictions on trade. The government’s role was to ensure that regulations and rules were maintained in the business environment. By 19th century, the notion of laissez faire began transforming. This phase was characterized by small entrepreneurs’ business owners seeking for government interventions in their businesses. As time progressed, majority of these business owners, labor unions and firms were in a dire need for government representation. This move came up as a result of rising rate of uncertainties by the business owners on the movements that were supposedly out for their aid. Kuttner (101) argues that it is at this point that this group of progressives needed support by the government, in terms of business regulation, for free and fair markets. By 1930, the advent of the New Deal was taking shape in America. This phase was characterized by government intervention in the market economies. It was due to public demand that the government had to take control of its business sector, lest a new form of rule take over the entire system. It was during this stage that the state was going through massive economic disruptions and destructions that led to the need for immediate action to alleviate the crisis. The state was experiencing what was to be termed as the Great Depression. Murray (76) argues that, at this time the economic state of America was totally dislocated ...Download file to see next pagesRead More
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