Jonathan Sacks Free Market System

Jonathan Sacks states that a market economy is very good at wealth creation but not perfect at all about wealth distribution. Dictionary.com carries on explaining that a free market system is an economic system in which prices and wages are determined by unrestricted competition between businesses, without the regulation of government. In a free market economy system businesses can use any techniques they want to try and expand and make profit as quickly as possible.
In the cartoon illustration we comprehend the qualities and characteristics of a free market economic system. Customs such as competition, the idea of every man for himself and unjust treatment and regulations. Owing to the fact that competition is good for both businesses and consumers …show more content…
Linking this statement to the cartoon. It illustrates a lot of inequality and imbalance. The father would have a better chance at getting the steak because he is an adult and the man of the house. The two kids could also have a chance of getting the meat because they are closer to the piece of meat. The baby should also be first priority because he is still growing. But in reality we have to realise that there are no perfect economic systems. When a free market economy spins out of control the consequences are sometimes severe.
A purely free market system, with no government interference or regulation, leaves the burden of responsibility on the corporation, which can pursue profits at the expense of ethics. Government oversight also insulates the market to a certain degree and prevents it from experiencing huge swings. Keep in mind, however, that too much government regulation can sometimes kill the very innovation and risk taking/entrepreneurial spirit that makes capitalism and a free market system so successful. The key is finding the perfect balance between pure capitalism and pure