Economic System in Our Country or Not - 883 Words

John. F Kennedy once said â€Å"Let us not seek the Republican answer or the Democratic answer, but the right answer. Let us not seek to fix the blame for the past. Let us accept our own responsibility for the future.† Kennedy’s wise words reminds us, let us not try to see which party is better but rather work as a nation to find a solution to the problem and learn from our previous mistakes. Our experiences would lead us not to fail and do the same mistakes once again. This leads me to the importance of an economic system in a country. You may ask yourself why a country needs an economic system. What role does an economic system play in a country? Way back in 1776 the English economist Adam Smith asserted that a free market economy would best promote economic growth and raise living standards (Schiller, p.3). As he saw it, the pursuit of profits would induce capitalists to improve products, reduce prices, and advance technology also known as market capitalism (Schiller, p.3-4). He promoted the idea of laissez-faire meaning no government involvement (Schiller, p.4). On the other hand, Karl Marx, a German philosopher, had a different view of a market capitalism. Marx predicated that the capitalist system of private ownership would eventually self-destruct (Schiller, p.4). The capitalists who owned the land, the factories, and the machinery would continue exploiting working class until it rose up and overthrew the social order (Schiller, p.4). He believed that long-term prosperityShow MoreRelatedThe World Bank And International Monitory Fund1287 Words   |  6 Pagesindividuals so that the long term interest of the country would be exposed to external danger. On the other hand, critics argued that prohibition against private ownership of land is a serious limitation on the freedom of citizens. It was supposed to be left for personal decision of individuals and families who have the right of possession and ownership of land. 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For economicRead MoreSolution to the Current Global Economy: Judaism and Economic Reform, by Norman Solomon1103 Words   |  5 PagesIn the essay â€Å"Judaism and Economic Reform†, Norman Solomon, a Jewish-American journalist, presents a compelling argument on the basis of the need for economic reform while providing simple religious base solutions. While discussing two major economic problems that plague the world’s current economy, Solomon introduces the Jewish view of the global economy and their general view on economics as a whole. With this introduction to the Jewish worldview of economics we as readers are able to transitionRead MoreEssay on The Global Fight Against Terrorism 1130 Words   |  5 Pagesmentality, but the international mentality as well. Con sequently, we must do a few things in order to maintain our sanity, dignity, power, and security. We must retaliate forcefully and successfully. 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This was called the Gold Standard and it has brought up many arguments between politicians, businessmen, and organizations with prominent economists on whether or not to return to it. Although there are multiple reasons why America should not return, there are also many resurfaced ideas that would make it very profitable