Free Market Capitalism in The United States

Neoliberalism according to Ritzer is the, “Liberal commitment to individual liberty, a belief in the free market, and opposition to state intervention” (37). Neoliberalism emerged in the 1930s and it is based on the ideas of classical economics (Ritzer, 37). Neoliberalism is harmful to human rights and does not improve the lives of others. On the universal declaration of human rights we can see thirty rights that humans are all entitled to (“The Universal Declaration of Human Rights”). Human rights under articles twenty-two, twenty-three, and twenty-five are all rights that neoliberalism violates.

Neo-liberalism is associated with economic liberalism whose campaign support provides economic liberations, free trade and open markets, privatization, deregulation and promoting the role of private institutions present in new society. Classic liberalism criticizes the neo-liberalism objective of introducing liberalization to bring about gradual increase of wealth and freedom among nations, however, classic liberalism explains that instead of realization of wealth and freedom, liberalization resulted to constant fight proposals that threatened the progress of achieving wealth and freedom among nations. Neo-liberalism aimed to prevent and control monopoly situations such that if there are no bodies

Throughout the world, free-market economy functions are much more popular as it is the fundamental of capitalism. As the majority of the world economies are mixed economy, the features of command economy cannot be ignored.

During the late twentieth century, nations throughout the Western Hemisphere found themselves exhausted economically due to a combination of recessions which occurred from the late sixties to the early nineteen eighties-caused most in part due to energy crises and government regulations to combat inflation (due to counteract Cold War spending). Combined with growing economic interdependence, due to the need for foreign resources needed for the sustainable growth and expansion of consumer-based manufacturing markets in the developed world-beginning post World War Two, the United States and impactful developing states sought to create regional zones of economic integration that could provide solutions to internal economic concerns of employment, growth, and governmental sustainability, as well as provide a platform for prosperity in regards to capitalism, inter-market sustainability, and geo-economic authority within the region. In order to do this, beginning in the late nineteen seventies, pro-capitalistic states, such as Chile, Mexico, and most recognizably the United States- , and different economic institutions-such as the World Bank and the IMF- pushed for a new wave of liberalism, emphasizing revamped laissez-faire policies. This resurgence of classical economic liberal ideology, which is known as neoliberalism, emphasized growth

America is believed to have a Free Market Economic System which other countries have aspired to follow. A market economy can be defined as where supply and demand drive and regulate the economy instead of government intervention. Also, we are seen as having a laissez-faire economy, which is “a capitalist society where the profit motive is given free rein and the pursuit of economic success is the top priority” (Shaanan). But how can America have a Free Market system if it has a laissez-faire economy? The difference between free market and capitalist market is; under a capitalist system, businesses are supporters of free market principles for themselves and government intervention for their competitors. To have a Free Market economy, it is assumed to possess three things: free flow of information, no barriers to competition, and direct responsibility.

To close, in addition to granting the fundamental rights to citizens and facilitating change and progress, a constitutional democratic republic also allows for more economic innovation and motivation. As previously mentioned capitalism influences nations in a constructive manner that encourages hard work and individuality. Capitalism is the economic center of a constitutional democratic republic. Its progressive power and economic potential can be seen through China’s economic boost in the late ‘90s to the present day as they began to adopt a capitalist mindset (Coase). Capitalism also embodies the concern for an apathetic citizen population, specifically in the workforce. This issue is the driving concern for socialism in the United States

There are many communities with a capitalist and free economy throughout the world; The United States is a perfect example of a capitalist and almost free economy with a small to hefty amount of government regulation dependent upon the industry and occupations involved. The amount of money in a specific economy varies as the gross domestic product is controlled by an income stream of different variations. Take New Cannan, CT which has a median income of $235,000 per year and Greenwich, CT which has a median income of $195,000 per year per household. These incomes are much higher than the $49,000 per year average income in the United States; housing costs also differ between different areas in Greenwich, CT the median house price is $1,200,000

The term Neoliberalism was introduced around the 1990’s which was perceived to be the future for a free market economy. Essentially it originated from the idea that an economy would work more efficiently in the hands of the private sector. At the time there were many anti neoliberalism and anti-globalisation activists protesting governments against free markets fearing foreign threat in regards to the country’s factor endowments (Davies 2014, p. 309).

Over the past several decades, obesity has grown into a major global epidemic. More so, obesity is a major issue in the United States as well, just in this country more than two-thirds of adults are now overweight and one-third is obese . The issue is not however due to one factor but multiple factors in people's daily lives. One of those factors could be the Free market economy. According to Investopedia, the term “free market” is sometimes used as a synonym for laissez-faire capitalism. When most people discuss the “free market,” they mean an economy with unobstructed competition and only private transactions between buyers and sellers. However, the more complete definition should include any voluntary economic activity so long as it is

The top ten percent of the US’s population make over a half of all of the US’s income. With that leaves a large chunk of the population earning money that can hardly sustain a family. The reason leaving 45 million Americans struggling to make a living results from the flaws of capitalism. Capitalism dominates other economic systems because it allows private owners to own production and distribution. Items that get traded, in markets go to the owner. Philosopher Adam Smith (1723-1790) proposed the theory and in a matter of centuries flooded all over the world. With freedom of the economy, corporate owners tend to have and make the majority of the country’s income. With the bourgeoisie, the capitalist class who owns most of the economy, making

According to Harris (2014), “in America’s free-market economy, competition ordinarily improves the quality and reduces the price of goods and services for the benefit of the consumer” (p. 71-72). This same theory can be utilized in the healthcare field as well. Competition in quality indicators between neighboring hospitals can lure patients to one hospital over opposing hospital. For example, handwashing and hospital inquired infections are two indicators that are used in my local community and can be compared between all of the neighboring hospitals. “Another possible way to ensure quality in the competitive marketplace is through the tort liability system” which “should publicly identify the bad providers and drive them out of business”

A process of neoliberal restructuring has been going on in many parts of the world in recent decades. The belief that domestic and international liberalization, privatization, and cutbacks in public spending are the route to economic success is firmly lodged, despite the absence of supporting evidence. In the 1980s and early 1990s the fastest growing economies in the world – such countries as South Korea, Taiwan, China, Thailand, Malaysia, and Indonesia -- had institutions and policies that significantly departed from neoliberal prescriptions. The closest followers of the neoliberal agenda, such as the US since the late 1970s and the formerly Communist Party ruled states of Eastern and Central Europe since the end of the 1980s, registered economic performance ranging from poor to disastrous.

The basis of economic capitalism is a countries government allowing private entities to produce what they like and sell to whomever they choose. In America we have a capitalistic system which helps to produce jobs, generate wealth and economic growth, and pay taxes which are used for such things as welfare, social security, health, education, and national defense. Unfortunately, there are many corporations that have found loopholes in our governments taxing system or use unethical means of obtaining wealth. Merriam-Webster defines greed as the intense and selfish desire for something, especially wealth, power, or food. Corporate greed has been linked to the destruction of the American middle class and its consequences are dire.

In a word, Greed… from oil to roses, and water, and who knows what else, not to mention atrocities from slavery. Capitalism is based on “free enterprise” and individual rights. This statement is misleading and suggests that capitalism is economically and socially progressive. However, it benefits the selfish interests of a few, and hurts the interests of everyone else. Capitalism encourages corruption, economic disparity, individualism, hyper-competitiveness, and consumerism.

‘Neo liberalism is responsible for most of the global economic problems we are experiencing today’