Capitalist Economies in the US Essay
Capitalist economies have tendency to boom, recession and instability due to a number of peculiarities of the economic order. One of the major goals of these economies is getting profits. Many people try to get their profits at any rate even if they understand that their actions can be harmful for the country’s economy. The USA can be regarded as one of the most conspicuous examples of a capitalistic economy which resulted in boom and then recession.
One of the central concepts used by American business sharks was the famous slogan, “That government is best which governs least” (MacEwan and Miller 9). American capitalists strived for reduced control and regulation. Eventually, they succeeded and the US government remained quite aside. More so, many analysts claim that politicians do not only close their eyes and fail to see the necessity to bring strict regulations to the fore, but politicians tend to draw people’s attention to some irrelevant issues (Angelides n.p.).
It is important to note that politicians can also be regarded as capitalists as they are being sponsored (as well as bribed) by big businesses. These politicians are also concerned with profits instead of being focused on development of the country. Of course, big businesses’ interests are being lobbied. This has led to the situation where big businesses pay less and the rest of Americans have to pay more in taxes. Super rich become richer whereas middle class loses its points and many Americans become poorer.
It goes without saying that capitalism cannot be associated with stability and full employment as big businesses are trying to get more profits at the expense of wages and employment rates. Notably, the economy can be booming from time to time which is caused by global economic situation and innovations. During these periods many people become richer or they seem richer as lion’s share of profits still goes to big businesses. All people try to get more profits and they often do not see the harm they are causing.
Thus, every boom is followed by recession. The more vigorous booms are, the more severe periods of recession are. The housing bulb has shown the way businesses act in times of booms. They only try to get more profits and acting unethically is a norm.
At the same time, the 2008 crisis was also an illustration of the real face of a capitalist economy. Many Americans have acknowledged that banks have violated all possible ethical and even some legal norms. They simply exhausted the economy which is now in ruins. The 2008 crisis has shown that there can be no order when businesses are unregulated.
To sum up, it is necessary to stress that capitalist economies can only be associated with boom and recession. There can be no order or tendency to full employment. Businesses and even lots of ordinary people care about profits and do not think about possible outcomes of their actions.
Capitalist economies are often associated with weak regulation. The lack of control leads to numerous violations. Businesses do not care about the development of the country as they focus on their profits. Of course, it is possible to find the bright side of capitalism. However, it is time to understand that American capitalism should be controlled by the US government. There should be certain regulations to make businesses more responsible.
Angelides, Phil. “The Real Causes of the Economic Crisis? They’re History.” Washington Post. Jun. 2011. Web.
MacEwan, Arthur and John A. Miller. Economic Collapse, Economic Change: Getting to the Roots of the Crisis. Armonk, New York: M.E. Sharpe Publishers, 2011. Print.
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Capitalist economies have tendency to boom, recession and instability due to a number of peculiarities of the economic order. One of the major goals of these economies is getting profits. […]