Economic freedom

For my profile of an economist I will present on David Hume. The format of this presentation will be Power Point. Hume was part of the Scottish Enlightenment and lived from 1711-1776. Hume strongly opposed mercantilism and advocated for free trade. One of his key discussions revolved around the price-specie flow mechanism. Hume evaluated British policies that minimized imports and maximized exports as a means of accumulating wealth. Understanding the nature of the market, Hume concluded that…

difference between capitalism and socialism is the scope of government intervention in the economy. The capitalist economic model allows free market conditions to drive innovation and wealth creation; this liberalization of market forces allows for the freedom of choice, resulting in either success or failure. The socialist-based economy incorporates elements of centralized economic planning, utilized to ensure conformity and to encourage equality of opportunity and…

class. This ideology being with the notion that people must be free from restraint as mush as possible. Economic Liberalism had as its main tenet the concept of Laissez-faire which means that the state should not interfere with the free play of natural economic forces, mostly supply and demand. According to Economic Liberalism government should have no power over restraining a persons economic liberty and should limit itself to defending the country, police protection for individuals and the…

Aristotle’s argument focuses on the evils of currency and ultimately offers a system that allows for greater equality. Aristotle argues first that currency was created merely out of convenience since not all “commodities were not easily portable” (Aristotle, 129). This suggests that he at minimum understands that many can see currency as necessary, which is why he must create such a strong argument against it. His main argument against this “art of acquisition” is that it perverts the purpose of…

Compare and contrast Communism and socialism are economic and political structures. They both have opposite classes and minimum limits such as socialism: less government interference. Communist: higher government control. The differences start between the division of labor or factors of production and the mechanism that determine prices. Market economy has a common associated titled named capitalism. Owners of their resources have the rights to produce and trade. There is limited government…

in society. Inequality is inevitable in any society, but there are conflicting views on if wealth inequality is a problem for our democratic society or a natural and necessary part of freedom and capitalism. As discussed in the plenary, conservatives view wealth inequality as a good thing, arguing it reflects freedom, fairness, and efficiency of the free market system and a meritocracy system. On the other side of the spectrum, liberals view wealth inequality as an unfair system, favoring the…

market was dominated by large corporations, marginally regulated by the government. While this was the reality in 1994, much has changed since then. Chilcote argued that “political relations with other nations are to protect and extend freedom and to ensure economic prosperity on a mutual basis,” (Chilcote 1994: 27) which is true when observing the European Union today, and this was most likely what people expected from trade agreements…

cartoonists cannot stop showing their pieces or producing them just out of fear. To stop acknowledging the injustices happening in the world, change toward a better future will never come. Cartoonist evoke discussion on current political, social, and economic…

Political Economy: The economy in Switzerland is one of the most competitive and stable in all of Europe. According to the Economic Freedom Index, Switzerland is the best economy in Europe, and is ranked fourth in the world. (“2016 Index of Economic freedom” 2016) Since there is a distinct lack of natural resources, Switzerland relies on a combination of a highly skilled service and financial sector, along with the exportation of refined luxury items and high end technology. The GDP of…

Bang! Bang! Who Killed Capitalism? There have been shots fired in the free market. The perpetrator? Bright, young minds who think they know everything about economics. They are seeking after a solution to a problem that cannot be fixed. At least, it is a problem that cannot be fixed as quickly as demanded. “What do the young minds claim the problem is?” some would ask. Well, capitalism. Teenagers and younger adults truly think capitalism is one of the key problems of America’s collapsing…