quora
Nobody downloaded yet

Role of Government in Economy - Essay Example

Comments (0) Cite this document
Summary
Role of Government in Economy During the early days of American history, the founding fathers of the country had a lot of challenges to face and most important of which was keeping the country united and ensuring the survival of the country. The government and the political leaders did not want to take any risk, particularly in economic affairs because back then the economy of the country was based on the industries set up by a small number of investors and it was imperative to ensure the stability of the private sector, therefore the federal government only got involved in transportation sector…
Download full paperFile format: .doc, available for editing
GRAB THE BEST PAPER94.7% of users find it useful
Role of Government in Economy
Read TextPreview

Extract of sample
"Role of Government in Economy"

Download file to see previous pages This was done for the protection of the interests of the investors and capitalists of that time because the newly born country was not in a position to support its economy on its own and the confidence of the investors had to be built up. The strategy was successful and was the most significant factor behind the rapid economic growth of the country in the immediate years after the War of Independence. However such a strategy could not have lasted forever and therefore during the later part of the 19th century farmer and labour movements started to emerge in different parts of the country in protesting about the oppressive behaviors of the investors and capitalists. Under these circumstances, government had to change its strategy and with the emergence of the first labor union in 1820’s the government started intervening in the economic affairs of the country. The emergence and establishment of labor unions in the country was a significant factor in bringing about a revolution in the economic life of the country (Danny). These changing conditions resulted in the formulation of an educated middle class in the country which forced the government to introduce regulations in the business practices in order to ensure the provision of rights to the employees, establishment of free market economy and to ensure quality control. The Sherman Antitrust Act which ensured the presence of competition in the market by barring large enterprises from establishing a monoply in a single industry and the Interstate Commerce Act, a regulatory mechanism for the railroad industry which required the railroad fares to be kept within a reasonable range, are two of the very first pieces of legilation completed by the congress regarding the economy of the country. These acts were enforced as laws during the years of the progressive Republican President Theodore Roosevelt (1901-1909). President Roosevelt was of the opinion that the rapid economic progress of the country has made it mandatory for the government to introduce regulatory mechanisms regarding commerce, industry, finance, planning and economics. Therefore a number of regulatory bodies and institutions were formed during Roosevelt’s and President Wilson’s years in the office. These include Federal Trade Commission, Food and Drug Administration and Interstate Commerce Commission. In response to the Great Depression, the government of President Franklin D. Roosevelt came up with the idea of three Rs; Relief, Recovery and Reform. This strategy required the government to directly involve in the economy of the country and thus during the implementation of the New Deal, an era of rapid economic reforms in the country, government’s involvement in the economy of the country reached its peak (Fishback). The idea of public welfare was practically adopted by the government in the New Deal era and many important laws which govern the economy of the country today were formulated during this time. The government started patronizing labor unions and the standards for minimum salaries and fixed working hours were established during this tim ...Download file to see next pagesRead More
Cite this document
  • APA
  • MLA
  • CHICAGO
(“Role of Government in Economy Essay Example | Topics and Well Written Essays - 2250 words”, n.d.)
Role of Government in Economy Essay Example | Topics and Well Written Essays - 2250 words. Retrieved from https://studentshare.org/history/1449871-american-economic-history
(Role of Government in Economy Essay Example | Topics and Well Written Essays - 2250 Words)
Role of Government in Economy Essay Example | Topics and Well Written Essays - 2250 Words. https://studentshare.org/history/1449871-american-economic-history.
“Role of Government in Economy Essay Example | Topics and Well Written Essays - 2250 Words”, n.d. https://studentshare.org/history/1449871-american-economic-history.
  • Cited: 0 times
Comments (0)
Click to create a comment or rate a document
CHECK THESE SAMPLES - THEY ALSO FIT YOUR TOPIC
Government and the Economy
Several factors dictate government spending, and whether it rises or falls is dependant on certain dynamics that may include government policy, state of economy, military expenditure, private sector and politics (Leboeuf 56). Government spending has decreased in the initial three years of the current administration, which is very strange and historical in essence.
3 Pages(750 words)Essay
The role of government in a free market economy
Self-interest applies to the needs of both seller and buyer in a free market. This means that the buyer has the right and desire to purchase preferable goods or services at the lowest or affordable prices. The sellers have the freedom to make profits by setting their own positive prices on the goods and services they prefer to sell.
5 Pages(1250 words)Essay
Government & The Economy
Within this scenario, the current problem of inequality faced by the United States is deeply rooted in its economic policies. To be specific, Thesis statement: The grass-root level reasons
8 Pages(2000 words)Essay
Assessment for learning
The best aspect of using learning for assessment is that it allows teachers to know exactly where the student is on progress chart. Moreover,
8 Pages(2000 words)Essay
Organized Crime Research Paper
The proponent found that the secret to understanding organized crime and its behavior is found within the context of understanding typical business organization. Furthermore, defining the basic characteristics associated with organized criminal behavior would substantially pave the way for understanding organized crime.
3 Pages(750 words)Research Paper
Personalistic and Naturalistic Approach in the History of Psychology

The conclusion from this study states that psychology as a science developed over time through a series of hypothesis, experiments and findings. This has been explained using the personalistic and naturalistic approaches. The essay has also been able to explain the Zeitgeist concept and ways in which it relates to personalistic and naturalistic approach to history of psychology.

5 Pages(1250 words)Research Paper
Role of Government in the Economy
As the report stresses by glancing into the economic sector, it would appear that most of the decisions in molding the economy are dependent on the consumer and producer interaction. On the other hand, it could also be observed that in the US, the contribution of the government is effective in the building of the country’s economic standing.
6 Pages(1500 words)Essay
The Role of Government
Some of the levels of government include the central government, local government, state government and the federal government. The government can take various forms and this includes constitutional monarchy which is a government with a King whose power is strictly
10 Pages(2500 words)Essay
Examine and assess the role of the government in managing the UK economy
However, market competition is always encouraged in the country. The government authority of the nation intervenes in order to rectify situations of market failure. This essay will precisely elaborate the
12 Pages(3000 words)Essay
Role of government
In the past, the government only protected the people living in its boundaries. Currently, the government extends its protection to it citizens in other nations and can even protect other people depending
2 Pages(500 words)Essay
Government role in a market economy
How the government comes in within the related equation here is of understanding because its role cannot be denied its due place. The government should dictate terms because it is needed within a free market economy. Further, it is the responsibility of the government to make sure that it remains one step ahead of the different undertakings which are being proactively followed by the management concerns of the varied organizations under a free market scenario.
4 Pages(1000 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 Role of Government in Economy for FREE!
logo footer
Contact us:
+16312120006
Contact Us Now
FREE Mobile Apps:
  • StudentShare App Store
  • StudentShare Google play
  • About StudentShare
  • Testimonials
  • FAQ
  • Blog
  • Free Essays
  • New Essays
  • Essays
  • Miscellaneous
  • The Newest Essay Topics
  • Index samples by all dates
Join us:
Contact Us