|Type of paper:||Essay|
|Categories:||United States Capitalism|
Would Americans have to forfeit part of capitalism in order to save it?
Indeed yes. Americans will have to forfeit part of capitalism in order for it to survive. United States production and distribution are done privately and the economy is operating in the "market" or "profit" system. However, over the years, capitalism has always changed to create room for survival and it has to change now for the economy to survive. In most cases crisis always brings out opportunity and currently, the United States is experiencing a crisis of capitalism, unlike anything that the state has gone through in the last four decades. Some of the evidence includes division of fortunes between companies and workers and inequality in general. In a market operating under bylaws, infrastructure, institutions, and behaviors regulated by the government, getting strategies right will be a long-term solution for capitalism in the economy. Almost a decade from the great recession and financial crisis, the United States is still experiencing one of the slowest, longest economic recoveries in the past. As envisioned by Adam Smith, the market system of capitalism is no longer supporting the economy.
Of free enterprise, competition, individualism, and laissez-faire, which tenet of capitalism would prove to be most important to Americans (a brief definition of each might be in order as you explain your reasoning)?
Free enterprise is an economic system where the individuals own the various factors of production and dictate how to utilize them within reach of the legal limits provided. On the other hand, Competition refers to an economic system whereby there exists a conflict among producers and sellers who produce the same products and services in orders to become prominent in the business (Young,2018). Notably, individualism is a system that advocates promoting of one's goals and wishes and that the individual economic interests should be prioritized over a state or social group. Lastly, the laisses-faire is an economic system where the government has minimal interference with the economy. Therefore, free enterprise form of capitalism is the most important for Americans because it focuses on promoting freedom, equity, security, stability, efficiency, and growth. In addition, the individuals are able to support themselves, their families and elect responsible government officials for a better country
Which one would be sacrificed by Americans in the belief that it would preserve the other three?
The form of capitalism that can be sacrificed by Americans is individualism. Even though the spirit of individualism has allowed Americans to be specialist and pioneers in the fields such as technology and science, it has not focused on bringing unity in the United States in general. The system seeks to promote individual interests as compared to the whole nation's. Thus, capitalism can survive in the absence of individualism since it will create unity and fuel economic development in the long run.
When considering your answer examine how men like Carnegie and The Christian Advocate demonstrated the power of economics in the United States as the means to attain success?
The likes of Carnegie and The Christian Advocate relied on the principle of Social Darwinism where individuals compete in a struggle to exists. They advocated for non-interference from the government in human competition as a way to standardize economy or cure social ills like poverty. There believed that the rich were rich because they were the fittest while the poor deserved to be poor because they were the least fit. Furthermore, they believed that the rich always preserved their money until a public urge to use came up. Notably, Carnegie lived by his words and practiced what he said as opposed to other of his counterparts. Hence, he amassed a lot of wealth in the process as he won over the people and got more business.
Did their success ultimately destroy the promise of this system for others as the Knights of Labor or Henry George argued?
Indeed, Knights of Labor was affected by Carnegie and The Christian Advocate's success as the two saw no problem for the government to intervene and destroy unions. Knights of Labor's goal was to unite all unions and promote racial and gender equality (Heald,2018). However, due to a lot of interference by the government, they started declining after their member was executed after killing a policeman.
Heald, M. (2018). The social responsibilities of business: Company and community, 1900-1960. Routledge.
Young, J. (2018). Reconsidering American liberalism: The troubled odyssey of the liberal idea. Routledge.
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