Research Paper Due ASAP
Research and write about a matter of contemporary American public controversy.
4 pages and outline already done. Need four more pages
Assignment due date
Free Market Capitalism
Free market capitalism encompasses two broad terms. One is a free market system, and the other is a capitalist system. These two systems operate under the law of supply and demand. The law influences the price of goods and services in these systems, as well as the proportion of their production. A capitalist society is defined by the personal generation of wealth and gaining ownership of businesses. A free-market system is where there is an ease in the exchange of goods and services with limited to none government interference. Free market capitalism is an issue of public controversy in America. These pits result from two groups. One group welcomes the idea of economic regulation while the other group is of the school of thought that markets do best when regulatory intervention from the government is non-existent. Both approaches have pros and cons. I chose this topic because despite America not being a free market capitalistic economy, there is a need to find out what advantages can be derived from it transforming to a free- market economy drawing examples from perfect free market economies such as Hong Kong. (186)
This essay is geared towards educating and inform interested individuals such as economists, students pursuing the related field, various stakeholders, and policymakers towards the bigger picture of free-market capitalism. From this essay, relevant conclusions can be made that will help in shaping the controversy of free-market capitalism in the United States. Will free-market capitalism be good for America, or should the nation just remain in the confines of market regulation? (74)
The essay is composed of the general public, be it professionals or economy amateurs in mind. The target audience is interested individuals seeking to shape the economic front of America. They are already aware that America’s economy is not a free market. Details pertaining to the government’s intervention and role in the economy will be discussed. Also, the features, pros, and cons of making America a free market will be discussed in detail. My audience will have a neutral approach towards the subject matter of the essay as they will be drawn to understand all about free market capitalization. (98)
Patrons of economic regulation by the government believe that free markets are doomed with instabilities, inequalities, and a frequent recipient of the conventional economy cycle of booms and bursts. On the flip side, advocates of free-market capitalism subscribe to the notion that government regulation of the economy is responsible for the economy booms and bursts. They believe that the economy will perform better with limited to zero government interference. This creates controversy as it is well known that the government plays a huge role in the economy through social and infrastructure projects, and it is projected that their elimination will do good for the economy. (105)
Method, Materials, and Data
My piece of an essay incorporates deductive reasoning. This is so because it stems from generalized views of the American economy and transforms to a specific conclusion based on the relevant data and facts presented upfront. In obtaining relevant data and facts for the essay, I will utilize business websites such as Investopedia, economic books, and business newspapers, magazines, journals such as the Forbes magazine. Economists working in America will be of much significance in my research subject. (77)
The research is a widespread occurrence that is the subject of economic controversies in America. The expected aftermath of the research process is that the deletion of government control of the economic landscape will usher in a boom in business activities. However, the role the government plays in providing and controlling essential factors in business, such as infrastructure, social programs, capital, and security, cannot be eliminated altogether. Some areas in business are better handled in the hands of the government than the private sector as it protects the customers from manipulation. (90)
i. The American government plays a significant role in the controlling and regulation of different businesses within the economy.
ii. However, a critical look into restructuring the American economy to be a free capitalistic market reveals some key advantages that will benefit the whole population and businesses at large.
A. The genesis of Free Market Capitalism
i. Capitalist origins are traced back to Europe during the medieval period. During this period, there existed a capitalist system by the name Feudalism, where land was exchanged for the service of the military.
ii. Capitalism was then driven by Adam Smith and Karl Marx. Both men developed theories that helped to understand better capitalism. This was during the emergence of the first public company by the name Dutch East India Company.
iii. Adam Smith furthered their research and studies on capitalism, where theories that linked trade and commerce to human behavior were developed at the time. On the flipside, Marx believed that capitalism was not an efficient system as it made the wealthy people powerful in society.
B. American government economic regulation
i. The actions that the government has been performing in the economy of America aimed at bettering the economic landscape of America. They range from legislation, taxing of businesses, and the control of imports and exports of America.
ii. The economic segments that the government plays a role in as far as government parastatals are concerned.
iii. Advantages of economic interference by the government.
iv. Disadvantages of economic interference by the government.
C. Free-market Capitalism in America
i. Examples of countries that operate under free markets from almost perfect free markets to those with some economic freedom.
ii. A model or simulation of businesses in America operating in a free market.
iii. Advantages of free-market capitalism in America.
iv. Disadvantages of free-market capitalism in America.
· Despite the economic benefits that nations that have integrated the free-market capitalist system in their economies such as Hong-Kong and Singapore have, the government role in the regulation of America’s cannot be ruled out completely. This is because of the crucial roles that the government performs in the economy, such as shielding the consumers from manipulation. In order to derive the benefits from free-market capitalization, then there is a need for market liberation in some sectors of the economy that will benefit the economic landscape of the nation without infringing upon the rights of the consumers.
Bouët, Antoine, et al. “The costs and benefits of duty-free, quota-free market access for poor
countries: Who and what matters.” Journal of Globalization and Development 3.1 (2012). https://doi.org/10.1515/1948-1837.1096
This article outlines the advantages that can be derived from having a free market in relation to the least developed countries and developing countries. The paper gives details on hoe rich and developed countries in the world could be of much assistance towards poor nations by removing barriers that limit full trade between the countries. By having a free market, the rich nations will be of much help in developing the economies of these nations.
The article is relevant to my research project since America is a rich country and a superpower, and when it provides duty-free market access to the developing nations, then both sides will benefit substantially from the economic pact created.
Monahan, Amy B. “Federalism, Federal Regulation, or Free Market-An Examination of Mandated
Health Benefits Reform.” U. Ill. L. Rev. (2007): 1361.
The article highlights the federal government regulation of the health sector as far as the issuance of health insurance contracts is concerned. The states in America govern the coverage of certain treatment plans in select health facilities. The health benefits are only limited to the insurance plans, and sponsored ones are not included. The article looks into the benefits that accrue from the government deregulation of the selected benefits so that other players or sponsors can be brought to the table.
The paper is relevant to my research since it highlights the government’s regulation in the health sector. It will be essential in coming to a conclusion on whether there should be a free market in the health sector of the economy, keeping in mind that the health sector is one of the crucial elements of the economy.
Newland, Carlos. “Is support for capitalism declining around the world? A free-market mentality
index, 1990–2012.” The Independent Review 22.4 (2018): 569-583.
The article is centered on the topic of capitalism, where it investigates economic freedom with a listing of the index, free markets, emerging economic trends, communism, free markets, and American economic policies. The journal article looks into the enaction and implementation of laws and policies structured around market liberation. It takes a deep dive into pro-capitalism around the world with a major focus on America
This article is relevant for my discussion since it highlights the American controversy on free-market capitalism. It takes a global approach in the analysis of the subject matter at hand. The article will provide relevant data and facts that will be of much benefit in understanding the controversy.