The economy is a social institution that organizes a society’s production, distribution, and consumption of services and goods. First, there were hunters and gatherers. Then, people started to work in factories. As of today society is based on technology. Using computers, tablets, telephones, etc has become such a big part of the way business is handled and executed.
Capitalism is the economic system that is considered to be used in the U.S. Due to the our use of one of the three distinctive features. The three features are: Private ownership of property. pursuit of personal profit, and competition and consumer choice. The U.S uses the features of private ownership of property and pursuit of personal profit, because most businesses today are privately owned and people in society strive to make just their own life great. Yet, our system is not purely capitalism, because the government plays a big part in our society, ignoring the third feature.
Socialism is not used in the U.S because of it’s rejection of capitalism’s three features. Socialism’s three distinctive features are collective ownership of property, pursuit of collective goals, and government control of the economy. We do use socialism’s third feature, but we are still considered a capitalists.
From doing hands-on work in factories, to sitting behind a computer all day is what our society has come to. All throughout the chapter the word “decline” has been used fairly often. From “decline in labor unions” to “the decline of agricultural work”, the book seems to hint at the U.S’ economic system of capitalism to consider the outcomes of their actions. With people only trying to pursue only themselves, our society has suffered in terms of our professions.
According to the index of economic freedom, the U.S is placed in 12th place. After a twenty year study was conducted, the researchers concluded that the first ten years had our score rise gradually, and helped us become known as economically free. The next ten years were nothing but a decline from being named free, to having it taken away. America is now the fourth worst drop in economy among developed countries.
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