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The United States economy has experienced periods of dramatic growth, as well as periods of crisis. Explain the causes of the booms and busts in the US economy (booms like the 20s, 50s and 80s vs. busts like 1929 and 1970s), and go on to see if understand - Essay Example

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As a matter of fact, there are experts who believe that it is cyclical, occurring every thirty years or so (Findley, 138). This is a legitimate argument in the sense that capitalistic system is based on a free…
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The United States economy has experienced periods of dramatic growth, as well as periods of crisis. Explain the causes of the booms and busts in the US economy (booms like the 20s, 50s and 80s vs. busts like 1929 and 1970s), and go on to see if understand
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The United States economy has experienced periods of dramatic growth, as well as periods of crisis. Explain the causes of the booms and busts in the US economy (booms like the 20s, 50s and 80s vs. busts like 1929 and 1970s), and go on to see if understand

Download file to see previous pages... The reason for this is that the private sector, when left to its own devices in a free market environment, tends to make decisions that lead to inefficiencies (Morse, 45). The global financial crisis that began in the US in 2007 is a case in point. It was caused by the "housing bubble" driven by the greed of corporate managers who allowed loans with low interest rates.
As an economic model, capitalistic system can be considered the best in terms of generating wealth and economic development. The free market system ensures that innovation, creativity and enterprise flourish. This strength, however, can also be its undoing as demonstrated by the economic crises in the US. Understanding the dynamics of these phenomena in the context of weaknesses of the capitalistic system will provide insights as to how to respond and minimize the impact of the busts. This is critical as they came to be expected as cyclical fixtures of the economic ...Download file to see next pagesRead More
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