Subprime Mortgage Crisis
Perhaps the biggest lingering threat was a U.S. budget deficit that was expected to exceed $1.6 trillion for fiscal year 2011, the biggest in the nation’s history and the largest as a share of the economy since World War II.
American economic dominance are over.
Jonathan Rosenberg summarized Zakaria’s explanation for these striking economic shifts: 1)political change
2)the free movement of capital around the world
3)the communication revolution
A 2010 nationwide poll found 65 percent of respondents agreeing that America is in decline. (more than half)
American Dream: If you work hard, you’ll get ahead.
According to a 2010 Gallup Poll, 86 percent of Americans have a positive view of “free enterprise,”35 but perhaps some form of “re-mix” is needed.
Democratic capital- ism in the United States, Japan, Denmark, and other nations favors business to create wealth and government to regulate as needed.
State capitalism in countries such as Russia, China, and Saudi Arabia employs the market to build wealth, which, in turn, is controlled and distributed by the state for its political purposes.
Ayn Rand was an uncompromising advocate of free market principles. She believed the necessary categories of government were only three in number: the police, the armed services, and the law courts.
privatization follows two patterns: (1) contracting out where govern- ment, in effect, turns over a portion of its duties, such as garbage collection, to a private firm; and (2) the sale or lease of public assets, such as an airport, to a private party.
The term collectivism embraces various economic philosophies on the left of the political– economic spectrum—principally, communism and socialism.
Despite the decline of