Capitalism Essays -- Economic System, Freedom

Discuss your own impressions of what Capitalism is. My personal view of Capitalism is the freedom of choice to use your property any way you choose to use it. We as Americans have been giving rights to this choice. According to Murphy, That is why it is also known as the free enterprise (or free market) system, because it allows people freedom to choose: freedom to choose their own jobs, freedom to sell their own products at whatever prices they like, and the freedom to choose among products for the best value. (pg.1) As Americans, we have taken advantage of this freedom. We can work in whatever job that we love regardless of qualifications. Like many others, this choice has giving us the ability to make a living for our family. Many countries today do not get the opportunity to experience freedom of choice. These countries are governed by a socialistic system. This socialistic system says that, in their county there is no right to private property at all: everything is owned -or could be confiscated –by the state for t he benefit of â€Å"the people† (p.2) Views of Capitalism There are many critics of Capitalism according to Murphy that would say, â€Å"Even though we have this freedom to choose their jobs the still stand at the mercy of the employers† (p.2) As a citizen of the United States we can leave a job if we feel despondent about our jobs. There no law in place that can give an employer for any reason to hold you to a job. In addition, I have the right if self employed to sell my goods or services at any price beyond reason. In contrast, under a socialist system, the dissatisfied citizen’s only recourses are to leave the county (if that’s even allowed), or to start a revolution. (p.3) It is your choice of salary!... ... as those institutions perform for the public. (McConnell p. 637) Banking institutions and Thrifts makes loans and make deposits from the Central banks. The Federal System was established to control money supply through monetary policy. Congress established this system as an independent agency of government. They wanted to protect the Fed from political pressures so they can control the supply of money and price stability effectively. (McConnell p. 639) Conclusion Economics is all around us each day. In essence, we as consumers can control our own economic perspective. We sacrifice at any cost to get what we want. Our utility is increased when we pursue any pleasures and happiness through the purchase of goods or services. The author learned a great deal about economics. We function in a world all around us consumed by the economic pleasures of life.