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Industrial Revolution: The Role Of The Government

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Almost everything in the world requires some type of authority figure in order for it to function smoothly or in case any issues arise. At games there is a coach that guides the team and a referee that makes sure rules are being followed. There is always a chain of authority or command just like the one that exists to control the economy. Our economy, like anything else, requires some sort of government intervention in order for it to work smoothly, legally. However, it is not all left up to just the government, individuals must be willing to step a little outside their comfort zone in order to be successful economically. Conveniently, the government through property rights, which is based on the fifth and fourteenth amendment, protects these …show more content…

England is a good example of how a “credible” government that protects rights can help boost economic growth (Hubbard and O’Brien 335). The economy wasn’t growing before the Industrial Revolution but afterwards the country that benefited from it was England with it being freed from the Kings rule. From then on the British government was in charge and the people trusted they would protect their property rights amongst other things that would allow their economy to prosper. The trust the British government was able to gain from the people by enforcing the rule of law therefore they were successful in economic growth. Another great example of economic growth would be India. After India gained its independence its economy rapidly began to grow this was because the government began to give people their freedom and they began to back away from centralized government. Although their economic growth might not continue the progress they made in such a quick time has helped millions of people that were in poverty (Hubbard and O’Brien 307). Asia and Africa are other countries amongst the ones that their economic growth is slow. Due to Asia and Africa’s poor growth rate this has greatly affected the people as well. The citizens have found themselves in poverty and people die more of diseases. Argentina is a country whose gross domestic product per capita is similar to that of other countries around the world but whose economic growth is slow (Hubbard and O’Brien 336). This only proves that per-capita gross domestic product does not always mean their economy is successful to all countries. However, income and wealth aren’t all that determine economic

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