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Free Market Economies In The 1910's And 1920s

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Periods of History that Shaped Modern America: Free Market Economies in the 1910’s and 1920’s. An economy develops over a long period of time. It is also shaped by the previous events and developments which inform the locals, policy makers and the governance of a given community regarding economic struggles that need to be addressed. Economic policy and market system processes are continuous and they borrow a lot from historical events where nations aim for formulation and adoption of favorable economic systems. In this light, the American free market economy made major developments between 1910 and 1920 which have had a great impact on the modern day America. Earlier, from the early 1900s towards 1910 the American economy was characterized …show more content…

Madvetz (2014) calls the organizations ‘Municipal Research Bureaus’ and argues that they sought to apply accounting methods in local governance as a way of enhancing accountability to the public. As well, these organizations presumed that the accountability of the governance would ensure that the local governance would allow considerable freedom to entrepreneurs to ensure that they were able to produce freely and trade within the local market without much control by the local …show more content…

In this symposium, the shortage of public markets in America as compared to Europe was challenged. It was argued that increasing public markets would increase the freedom of city dwellers to buy agricultural products from the businesses of their choice (Medvetz, 2014). As well, it was noted that this would increase the level of competition among the business people thus leading to availability of the products to the people. Circumstantially, the federal government was charged with the duty of redesigning the cities and increasing the number public markets. Essentially, this development was anticipated to make the market more free to access both by the consumers and the producers of Agricultural products. In the event, municipal leaders believed that by simplifying the complex process through which the products were moving from the producer to the consumers, the marketing of the products would have been made more effective and free for the benefit of all the Americans. Secondly, involving the municipal leaders in the process of increasing the public markets broke the traditional strategy whereby the federal government had all the powers to control the market sites and the events that were carried out there. In the new organization, it was

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