The Benefits and Setbacks of Economic Freedom

Topics: Capitalism, Free market, Market economy Pages: 3 (859 words) Published: October 22, 2013
In the introduction, I will explain the meaning of the term ‘economic freedom’. Then, in the body, I will discuss the benefits and setbacks of economic freedom and support my points with relevant examples. Finally, I will conclude my presentation with summary, my recommendation and prediction. Let me now explain what economic freedom is. Economic freedom also named free market is a market structure in which the distribution and costs of goods and services are controlled by customers. They are not controlled by government or monopolies. Now, I will move on to my first main point which is the benefits of economic freedom. The main merits I am going to focus on today are: thriving economy, opportunities for the best to win, and last but not least,the market regulated by consumers. Let me elaborate on the first benefit of the free market, the conditions allowing the economy to thrive. The fact that free market is created by individual business persons, proves open competition in the market. It also allows individuals to increase their income and achieve economic growth. For example, Japan is a country with a high standard living. Their economy is very strong in the world. It is because the Japanese work very hard and they have a competitive market background. If they were lazy they would not be successful. So Japan is a good model of free market economy. Also, economic freedom can create opportunities for the best to win. In a decentralized economy, individuals are welcome to test a variety of options in business. There is a lot of competition and they have to face different challenges and find solutions to stay in competition. It is in a capitalist economy that hard work is rewarded. Entrepreneurs who pitch well and are able to better their business become the winners. For example, the Chinese are seen as successful entrepreneurs because they can create their company and solve all the problems very well. Li Ka-Shing is the best example in business part. The last...
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