The Economic History of the United States Essay Example for Free

The Economic History of the United States Essay Today, the United States has the most foremost economy in the global industry. It is the leader in trade and exchange and has embraced ideologies and policies that directly affect the performance of its economy. Among this is the policy of free trade which was strongly pursued and promoted by well known economist and scholar, Milton Friedman. Friedman has become an advocate of Adam Smiths writings and highly agree with his ideas of free trade, competition in the markets, and the â€Å"invisible hand†. Friedmans contention is that the act of embracing free trade by the United States is one which will definitely benefit the economy in the long-run as opposed to embracing an economy that is highly protected and regulated by the government. The government is indeed essential to provide security and to make sure that orderly, stable, and lawful conditions are sustained and provided. However, governments cannot help but heavily intrude in economic and business affairs. Friedman sees this as a hindrance to the furtherance of achieving economic prosperity as well as a suppression of the freedom to choose. The film provided valuable insights about the different developments of other nations to provide an overview of how free trade and government intervention and control has affected the development of these nations. Take for example Britain who used to suffer from smuggling and numerous lawbreakers. It removed all the duties and tarriffs on goods in 1846 and has become the workplace of the world, achieving an unprecendented rate of economic wellness. Japan is also among those countries which embraced a certain aspect of free trade when it broke away from its feudal society and isolation in 1868. It has been rooted in the traditional and because of the opening of its market to the West traders and its embrace of free trade, Japan has since then become an economy that is highly competitive. It has adopted modern ways of production in its various industries which caused its economic boom. This economic freedom has further promoted human freedom. On the other hand, India after its freedom from Britain, has adopted a system that strongly relied on the government for central planning and control. The weaving industry of India was heavily regulated and keenly controlled by the government. It never really prospered and the energy coming from human capital was stifled which would have produced more dynamic actvity. In this respect, other industries were sacrificed and until the present, India has never really modernized. In the case of the United States, its employment of free enterprise has currently provided an economy that is noteworthy because it provided the enjoyment of low prices, products that are satisfactory in terms of quality and high wages. Adam Smith, in his book The Wealth of Nations, introduced the â€Å"invisible hand† which has been one of the foundations of free enterprise. This is very manifest in the United States economy in a way that it is human nature. The behavior of the Americans which places a big importance on the freedom to choose, provides an environment that is highly characteristic of the invisible hand at work. Self-interest which is very common to all, is the main key in the propagation of this phenomenon. The difference of the United States however, is its open acceptance of the cultivation of self-interest. Because of the individual pursuance of self-interest, different producers have manufactured products in the aim of achieving profit from them. This in turn provided the needs for the consumers, who in the pursuance of their self interest, paid for goods that became the profit for the producers. This spontaneous order definitely explains the economic prosperity that the United States enjoy today. Furthermore, because of the invisible hand at work, competition at the market place has been cultivated and encouraged. More producers have made goods that provided variety for people to choose. It is a known fact that consumers would definitely opt for goods that are of the cheapest price, and this competition definitely promotes a healthy economic environment when it is coupled by the sellers option to sell at a higher price. This applies to the domestic economy as well as to international exchange and trade. United States has suffered from protectionism as a political disease but it has risen above it and has not coward out of competing in the international market. The lifting of constraints from the government with regards to international competition facilitated the United States advantageous strategies that explored the minimization of costs and maximization of profits. It has tapped cheaper overseas labor in the processing of raw materials and assembling of goods that are then sold domestically and exported abroad. However, arguments saying that this process will mean lesser jobs for Americans has been voiced out by others. Despite the negative implication that this outsourcing of labor has, the United States has found means of going around it. It has took advantage of the free market of foreign exchange in the birth of export industries that have replaced jobs that might have been lost. This was only possible because of the alleviation of government intervention in international exchange and trade. Another instance is the support of small businesses that are currently motivated by the free enterprise policy of the United States. This small businesses provide more jobs for the American citizens currently. Summing up, it can be assumed that free trade accounts for the United States being able to enjoy a high standard of living and if more barriers are removed, it promises an even brighter economic future. Free trade allows more goods and services to reach the United States allowing the American consumers to choose and enjoy goods at lower prices. This means more spending income or savings for a household. However, the positive effects of free trade is not limited domestically because it extends to a global scale. With the embrace of a free enterprise, the freedom to choose is extended globally and influences more nations. With the right attitude of acceptance and undertaking the challenge of competition, other nations could take the steps that the United States have taken. With the right market reforms, economic improvement is definitely at hand. Works Cited PBS Free to Choose 1990 Vol. 2 of 5 The Tyranny of Control http://video. google. com/videoplaydocid=2798161794328252652q=Milton+Friedman+Free+to+choose+duration3Alongtotal=15start=10num=10so=0type=s

Student Loan Debt Should be Forgiven Essay examples -- Student Loan De

Does the amount of student loan debt have an effect on the economy? If so would forgiving student loan debt help lower the national debt or would it just increase it? According to Mary Claire Fischer, a writer for Kiplinger’s Personal Finance magazine, â€Å"two-thirds of students who receive bachelor’s degrees leave college with an average debt of twenty-six thousand dollars† (Fischer). This means that the average student debt has doubled since 2007 (Ross 24). The total student loan debt is $1.2 trillion with $1 trillion being from federal student loans (Denhart). This debt accounts for six percent of our nation’s $16.7 trillion debt (Denhart). Since student loan debt is such a big part of the national debt, if the student defaults on their loan then the United States tax payer has to carry the burden of the loan (Denhart). Students who are graduating with debt do have a couple of different options that they can choose from. There is a six month grace period after graduation to allow the student time to find a job and programs to try to help eliminate debt. â€Å"The Consumer Financial Protection Bureau estimates that one-fourth of the American workforce may be eligible for repayment or loan forgiveness programs† (Atteberry n.p.). The problem with these programs however, is that they are hard to get into and stick with. Some of these programs that are options for students may require that student to move to another city or even another country. This option would work well for someone who is able to move, but what about someone who cannot leave where they currently live. These graduates may not want to leave because of family for example. Another problem with these programs is that the student with loan debt must fully comp... ... Emily. â€Å"Student Loan Forgiveness: What you Don’t Know (but Should).† USA Today. 6 Dec. 2013. Web. 17 Feb. 2015. Denhart, Chris. â€Å"How the $1.2 Trillion College Debt Crisis is Crippling Students, Parents, and the Economy.† Forbes. 7 Aug. 2013. Web. 13 Mar. 2015. Fischer, Mary Claire. â€Å"Student Loan Forgiveness: What to Know.† MSN. 9 Oct. 2013. Web. 17 Feb. 2015 Morici, Peter. â€Å"Forgiving College Debt Won’t Help Students.† CNBC. 14 May 2013. Web. 24 Feb. 2015. Pisani, Joseph. â€Å"A Guide to Student Loan Forgiveness and Repayment Options.† Huffington Post. 26 Sept. 2013. Web. 21 Feb. 2015. Ross, Andrew. â€Å"Mortgaging the Future: Student Debt in the Age of Austerity.† New Labor Forum (Sage Publications Inc.) 22.1 (2013): 23-28. Academic Search Complete. Web. 13 Mar. 2015 Webly, Kayla. â€Å"Is Forgiving Student Loan Debt a Good Idea?.† TIME. 20 Apr. 2012. Web. 17 Feb. 2015.

The inadequacy of motivation Essay

Sixth, there are some individuals who are more successful than others because of their sicknesses and the discrimination that goes along with it. For example, there may be students who suffer from HIV/AIDS and they tend to drop out of school because of discrimination (Cape.. , 2006). Other students may feel and believe that they might catch the same virus if somebody carries it around the school, this consequently scares these students and will surely discriminate the student suffering from HIV/AIDS (Cape.., 2006). Of course the latter will feel alone and discriminated and will force himself or herself to just forget about his or her dreams and drop out of school instead (Cape.. , 2006). Comparing to students who do not carry any medical condition, they are more successful in college than those who are sick. Seventh is labeled as â€Å"the inadequacy of balance between analytical, creative, as well as, critical thinking† (Smith, 1923). A college student should learn the skills of thinking analytically, creatively and critically to be able to survive through the courses needed to be accomplished to finish college, for without the aforementioned skills, it would be fairly difficult to pass college courses, much less finish a degree (Smith, 1923). For some students who are not analytical, creative and critical thinkers, they are less successful as compared with those who are. Last but not least has something to do with the culture of the learner’s environment: The first one that belongs to this category is technically referred to as â€Å"the inadequacy of motivation† (Smith, 1923). The trick here is to know the reason for studying. The student should know what his or her goals and objectives are, otherwise, when difficulties emerge, the student will have no motivation or reason to move on (Smith, 1923). The second is known as â€Å"the attitude of giving up easily† (Smith, 1923). Everybody knows that it takes dedication, time, effort, patience, and a lot of mental energy to digest a new learning that if a student is bound to easily give up and get bored over repetition of things then most likely he will end up leaving college without graduating (Smith, 1923). Some students in college are more successful depending on their motivation and attitude. References Cape Gateway. (2006). Social Issues Affecting School. Retrieved November 13, 2007 from http://www.focusas.com/BehavioralDisorders.html

The Elements Of Moral Philosophy - 919 Words

Friendship, as defined here, is a general term that means a mutual fondness for the sake of both parties. The moral attributes of both individuals are significant in a friendship. According to Aristotle in Nicomachean Ethics, â€Å"it is of these attributes that we were the friends†. What happens when these attributes change morally, though? Moral changes are when people alter the way they reason through decisions and how much they consider others while doing so. Is it ethical to abandon a genuine friendship due to a change in moral status, for better or worse, by either party? Aristotle reasonably argues that abandonment is, in necessary situations, a moral end to a friendship. If the members of a genuine friendship change morally, it is acceptable for them to depart from each other. Of course, this conclusion assumes that people can change themselves ethically and that people who are a part of a genuine friendship can end their relationship. In The Elements of Moral Philosophy, James Rachels provides a good definition of morality. Rachels was an American philosopher and wrote a number of respected books, making him an authority on this issue. He says that morality is, â€Å"the effort to guide one’s conduct by reason-that is, to do what there are the best reasons for doing-while giving equal weight to the interests of each individual who will be affected by what one does.† It is possible to change morally because one’s ability to reason through decisions and one’s consideration ofShow MoreRelatedThe Elements Of Moral Philosophy1407 Words   |  6 PagesIn â€Å"The Elements of Moral Philosophy† James Rachels discusses the positives and negatives regarding the concept of cultural relativism, but his overall position is that cultural relativism is not a strong philosophy. On the flip side of that Immanuel Kant has a completely different ethical theory that is based around deontology. De spite its positives, cultural relativism cannot be defended against Rachels’ criticism, but Kant’s ethical theory cannot necessarily defeat cultural relativism eitherRead MoreThe Element Of Moral Philosophy By James Rachels1161 Words   |  5 Pages In the book, â€Å"The Element of Moral Philosophy†, James Rachels explores the several criticisms of Utilitarianism. In this essay, I will touch on these criticisms, outlining the major implications they propose to Utilitarianism. I will also explain why many of the notions proposed against Utilitarianism are self-serving, and instead serve to improve the general good of a minority population, which contradicts the Utilitarian theory of equating moral aptitude to the general good of a majority populationRead MoreIn James Rachels’ Book, The Elements Of Moral Philosophy,780 Words   |  4 PagesIn James Rachels’ book, The Elements of Moral Philosophy, he explains many things in the ninth chapter. He ma de statement about philosopher who decided the absolute moral rules. It explains in the beginning, there’s no definite answer for moral rules. Again, it’s about belief, cultural, tradition etc. Truman decision of dropping the bomb created conflict, some disagree and others agree. Categorical imperative and hypothetical imperative are explained with Kant’s conceptive on lying. His argumentRead MoreIn James Rachels’ Book, The Element Of Moral Philosophy,858 Words   |  4 PagesIn James Rachels’ book, the Element of Moral Philosophy, he made interesting point in the fourth chapter. He points out the similarities and differences between morality and religion. Mostly, when thought about morals, religion is mention. Religion is almost all about morals. Directing what is wrong and right. Divine Command Theory is morality relationship between God (gods) and the people. God (gods) orders the meaning of good and the bad. People need to follow the rules to receive blessings fromRead MoreLogic, Metaphysics, Epistemology, And The Value Theory1244 Words   |  5 PagesA1.) The four main divisions in Philosophy are: logic, metaphysics, epistemology, and the value theory. †¢ The division of logic is essentially the division in which all reasoning of our knowledges is deemed correct. Logic focuses on arguments within reasoning and accounts for which arguments will be successful and which arguments will fail. The special subject of logic is the breakdown of the the three Laws of Thought: the law of identity, the law of contradiction, and the law of the excludedRead MorePhilosophy : The Fundamental Nature Of Knowledge1461 Words   |  6 Pages Philosophy in my perspective is a study of the fundamental nature of knowledge, reality, existence and the theory or attitude acting as a guiding principle for behaviour. The understanding that, philosophy is not just about a deep expression of our wonders and the search for knowledge is false from my views. Philosophy broadens our imagination and allows individuals to engage, analyse and criticize the wider world. Individuals have different thoughts, values reasons and method of communication suchRead MoreComparing David Hume and Immanuel Kant Essay1356 Words   |  6 Pagesfor a man to recognize his moral duty. Although Hume and Kant shared some basic principals they differed on their view of morality. In comparing the different views on human will and the maxims established to determine moral worth by David Hume and Immanuel Kant, I find their theories on morality have some merit although limited in view. Hume and Kant shared some basic principle of empiricism, but each took different directions on the theory of morality. The moral theory of Hume was based onRead MorePlato and Platipus1186 Words   |  5 PagesIt is normal to underestimate the power of philosophy. It is a social science that has lost influence in the 21st Century because many do not understand how this science can help humans achieve true happiness. Though philosophy is a heavy subject, it is the science with the most results regarding human nature and knowledge. Philosophy offers guidance to understand human behavior as well as to question our presence and our real role in society. It is one of the leading social sciences because manyRead MoreHistorical Developments in Philosophy Essay1189 Words   |  5 PagesUniversity of Phoenix Material Philosophy Matrix | | | | | | | | | | | | | | | | Read MoreCompare And Contrast Philo And Plato1615 Words   |  7 PagesOpposite Philosophies The Greek philosopher Aristotle once said, â€Å"Plato is dear to me, but dearer still is truth.† Plato, who was also a philosopher, was Aristotle’s teacher. Aristotle thought highly of Plato and respected him. However, as Aristotle’s wisdom grew, he started to question and even disagree with the concepts Plato taught him. This is why Aristotle wrote that he admires and respects Plato, but admires and respects the truth more. Aristotle started to develop his own philosophies, views