Economic Liberalism - Essay Example

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This essay talks about economics and politics which have an intimate connection though they are in different systems which is does not support the existing of both of them side by side. According to Friedman, a capitalist economic system promotes freedom both directly and indirectly. …
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Economic Liberalism
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Download file to see previous pages This paper declares that some economies such as Italy, Spain, and Russia did not have political freedom despite their enterprises being economically free. In the modern world, it is challenging to balance between individual freedom and capitalism due to the widespread interdependence that exist. An illustration is the dependence between farmers and consumers of the farm products. Capitalism promotes freedom in such a scenario by facilitating the sale of goods and services on a competitive market where all players have full information.
As the report stresses government regulation is almost a mistake. Friedman believes that government regulation is almost a mistake. He depicts regulation being initiated by power-hungry politicians. The key objectives of these politicians are to target their reelection and formulation of red tape for their own advantages. Many of the government regulation are derived from the special interests of a selected few entities in the private sector. Some organizations in the private sector use the government through its regulation powers to tilt the market in a direction, which facilitates them making more profits than their competitors do. These entities therefore interfere with the government’s work making the regulations inefficient. Government regulations have put in industries such as airlines, communication, truckers, and railroads to make it very difficult for competitors to penetrate through the market. ...Download file to see next pagesRead More
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