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The economy is based on the free market where goods are produced, sold in the market without the ‘invisible hand’ referred to by Adam Smith. Milton and Friedman…
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Download file to see previous pages... The producers are guided by the desire and the needs of the American people to consume various goods and services. Moreover, the government does intervene to address the negative effect of production processes. Though the market ensures that goods are equitably distributed, the market has negative externalities and this where the government intervenes. The Medicaid is one example of a social programme by the government. It offers to cover the health of the poor citizens, and it is not driven by demand and supply, but by a chain of command. Therefore, socialism as well capitalism has a role in the American society.
The American society was established after a very long confrontation between the colonies and their masters. The American Revolution brought a new dawn in the world and people from other part of the world free from tyranny to the land of affluence and freedom (Friedman, 1990). Hard work enables people realized their dreams and talents. The growth of the country is a story of the economic phenomenon. Adam Smith outlines in The Wealth of Nations ideas that helped people to exchange goods and services as he coined that ‘so long as cooperation is strictly voluntary’ both parties are bound to benefit (Friedman, 1990).
Friedman says that though Adam argued on voluntary exchanges of goods it is the role of price that acts between the parties without direction from the government or capital owners. The prices are the drivers of the capitalist economy. Prices coordinate the millions of activities and unsure that everyone interest is served and leaves all parties better off (Friedman, 1990). The price system has three major functions. It conveys information, provide incentive to the production process and help utilize of available resources to the maximum.
A free market is one of the benefits of capitalism. It is through the market that resources are ...Download file to see next pagesRead More
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