What Makes Me a Better Person

Topics: Capitalism, Planned economy, Free market Pages: 2 (380 words) Published: July 10, 2013
Taylor Celestine
September 6, 2012
Things I know about the economy is that it controls us and that it helps us with money and sometimes a better society. Economy is a big part of being successful and being successful can take you far in life. Bringing money in and helping with the world can get you money, better labor. A market based economy may be described as a spatially limited social network where goods and services are freely produced and exchanged according to demand and supply between participants (economic agents) by barter or a medium of exchange with a credit or debit value accepted within the network. Capital and labor can move freely across places, industries and firms in search of higher profits, dividends, interest, compensations and benefits. Rent on land allocates this generally fixed resource among competing users.

Contemporary Capitalism is a market economy in which most of the production capacity is owned and directed by the private sector. Government role is limited to provide for defense and internal security; administer justice and prisons; make laws and regulations; enforce contracts, laws and regulations; correct market imperfections and failures; ensure full employment without inflation; promote balance economic growth and development; provide for the poor, children, and elderly; protect and assist in emergencies and natural disasters; provide basic opportunities to all members of society; prevent future calamities and disasters; and, pursue national goals established by society at large such as protection of the environment and natural resources.

On the other hand, traditional socialism is a command-based economy in which markets and the free exchange of goods and services, as well as manufacturing, production, trade and distribution are replaced or done by government central planning and state owned enterprises. In this economy all private owners of capital (called capitalist) and of land (called landowners) are not allowed...
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