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Degeneration of Free Enterprise Systems - Essay Example

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Name: Instructor: Course: Date: Degeneration of free enterprise system A free enterprise system is defined as a system that promotes private ownership of private property and resources of production. A free enterprise system is also referred to as a market economy…
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Degeneration of Free Enterprise Systems
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Degeneration of Free Enterprise Systems

Download file to see previous pages... Free enterprise systems trace their roots way back in the 18th century when governments restricted individuals from owning and starting their own businesses. In a free enterprise system, the control of goods and services is through demand and supply, as well as competition. There are laws in place that encourage free market competition and avoidance of monopolies. A free enterprise system is self-regulating, where all parties are free to transact with each other. The only government intervention carried out is punishment on frauds. Competition within a free enterprise ensures production of excellent goods. In a free enterprise system, individuals enjoy the freedom of owning private property. Businesses and individuals are free to engage in contracts (Elijah 41). Therefore, the agreement to sell or buy goods, whether oral or written, is legally binding. On the other hand, individuals enjoy the freedom to make personal choices. They communicate those choices throughout the pricing system. In addition, people are free to participate in free competition and enterprise (Elijah 42). They do this by choosing a place they will work and manage their own business. If they desire so, they are free to choose the type and amount of services and goods they are willing to produce. According to Adam Smith, self interest acts as a force that dictates the behaviors of businesses and individuals. Therefore, people are free to search for their own self-interest. Fascism is a form of authoritarian and nationalistic government organization (Leon 5). In a fascist system, the government may not own businesses but does control them. The government controls what is produced, who is to produce it, when to produce it, what prices to charge, where to find raw materials and labor. Labor becomes largely suppressed under fascist forms of governments. The government makes the owners of business to believe they still own their business, yet they control them through regulations and taxations. Fascist governments are defined as governments that control large corporations. Fascism advocates for war and political violence as means of achieving nationalism (Leon 5). A fascist state is controlled by a leader who becomes viewed supreme and practices dictatorship on the government and other government enterprises. It is also defined as a government form characterized by authority centralization under a dictator. Fascism is a government system where all forms of business enterprises become regimented under a dictator who emphasizes on the need for nationalism. Fascism may also be coupled with racism. An oligarchy is a form of government where a limited number of people control power. Normally, such people may be in control of a country’s government, they can also be wealthy individuals. Degeneration of a Free Enterprise system Degeneration of free enterprise happens when there is a decline of effectiveness of power, essential quality or power itself. Degeneration of a free enterprise system if not controlled can lead to systems associated with fascist oligarchs. A free enterprise may crumble either because of forceful government intervention or market forces. In case a free enterprise system degenerates as a result of market forces then the government may intervene, but if it is through forceful intervention, then the most likely outcome may be a fascist oligarch. Fascism presents the first step of degeneration of a f ...Download file to see next pagesRead More
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