Free market capitalism is an economic system in which the production and distribution of goods and services are determined by the free market. It is based on the belief that free markets, o
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Free market capitalism and how it creates economic opportunities
Free market capitalism is an economic system in which the production and distribution of goods and services are determined by the free market. It is based on the belief that free markets, or the freedom of individuals to exchange goods and services among themselves, are the most efficient way to achieve economic growth and development. Free market capitalism has been the world’s dominant economic system since World War II’s end. It has been credited with lifting hundreds of millions of people out of poverty. For instance, free market capitalism creates economic opportunities in various ways.
First, it encourages competition, which leads to increased innovation, lower prices, and higher-quality goods and services. Further, encouraging competition creates new and innovative products and services that consumers want and need. In return, the move encourages businesses to invest in research and development, creating new job opportunities for workers (Sperber, 114). Second, free market capitalism encourages investment, which leads to economic growth. By providing incentives for businesses to invest, such as tax breaks and other incentives, businesses are encouraged to expand and create new jobs. Thus, increased economic activity leads to increased demand for goods and services and increased economic opportunities. Finally, free market capitalism encourages entrepreneurship. By removing barriers to entry, such as regulation and licensing, entrepreneurs can start new businesses and create new products and services that can help meet consumers’ needs. As a result, new jobs and economic opportunities exist for people seeking to start their businesses are created.
Overall, free market capitalism is an effective economic system credited with lifting hundreds of millions of people out of poverty. Free market capitalism creates economic opportunities and encourages economic growth by encouraging competition, investment, and entrepreneurship. Therefore, it is an important source of economic opportunity and should continue to be used to create a more prosperous future.
Reference
Sperber, Nathan. “The many lives of state capitalism: From classical Marxism to free-market advocacy.”?History of the Human Sciences?32.3 (2019): 100-124.
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