| Julie Marshall's first cousin, Jean-Paul, lives and works in Belgium. They have had long "discussions" via email about the benefits and drawbacks of living in the US, a capitalist system, versus living in Belgium, a socialist economic system. Jean-Paul defended Belgium's system. What do you think Julie would say about the benefits of living in the US and the drawbacks of living in Belgium, and how would Jean-Paul respond?
Explain Julie's position and Jean-Paul's response in an essay format that is at least 250 words in length.
| One huge drawback is the high tax rate. You'll have to pay approximately 50% of your income. Another huge drawback is that is overpopulated and you'll better avoid big cities. The third drawback is the unemployment rate. With exports equivalent to over two-thirds of GNP, Belgium depends heavily on world trade. Belgium's trade advantages are derived from its central geographic location and a highly skilled, multilingual, and productive work force. One of the founding members of the European Community, Belgium strongly supports deepening the powers of the present-day European Union to integrate European economies further. About three-quarters of its trade is with other EU countries. Belgium's public debt is about 98% of GDP. The government succeeded in balancing its budget during the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium is likely to have negative growth, growing unemployment, and a 3% budget deficit, stemming from the worldwide banking crisis. The benefits of living in the United States are the taxes are lower, the unemployment rate is down more and the cost of living is better than Belgium.
Please join StudyMode to read the full document