...“The market economy” by Marge Piercy, is a free verse with no rhyme or rhythm, and has very few poetic technics. Piercy was born in 1936, and grew up during the rise of capitalism in the United States. This suggest to me that her intended speaker is a mother in search of work during this time. The speaker could also be Piercy herself. The tone of the poem is consistent throughout. Piercy’s subject matter along with her choice of blatant words create a gloomy, depressing, and disheartening tone. I feel that this tone reflects the attitude American society had just after the Great Depression: “You’ve been out of work for a year and they’re hiring at the plastic factory” (26-27). Even though the tone is consistent throughout, there is a contradiction from the first stanza to the second stanza. Piercy uses mostly denotative words in “The market economy”, which she intends to be used by the dictionary definition. The only connotative expression in the poem is “Smog City” (23), referencing negatively to a capitalist nation full of factories that produce harmful, hazardous waste. The short poem is broken up into two stanzas. The first stanza states the harsh truth about the various health affects the capitalist economy can have on society. She argues that capitalism is harmful by giving examples in a hypothetical manner, but in reality, these things she is talking about really do happen. The contradiction of the first stanza comes in the second stanza when she...
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...involved in a market economy, the government influences four main areas in the economy which are; enforcing antitrust laws, preserving property rights, providing a stable fiscal and monetary environment and preserving political stability. Also the report will cover why there can never be a truly ‘free market’ economy, where there is absolutely no government intervention. Market Economy In a market economy, the majority of a nation’s land, factories, and other economic resources are privately owned, either by individuals or businesses (Wild, Wild & Han 2010:151). It is also an economy in which prices of goods and services are freely set based on the laws of supply and demand which are unfettered by interference from a government or other outside bodies. A market economy at its basic is an economy run entirely by the market itself (McGuigan 2003:1). In contrast to a market economy is one which follows the Keynesian principals which is an economic theory which advocates government intervention, or demand side management of economy by increasing money supply or by actually buying things on the market itself, they believe that this will achieve full employment and stable prices (Web finance 2010:1). Market economy has come to be accepted as a norm across the world with many developing countries like India and China moving towards a full market oriented economy (economy watch 2010:1). The social democratic government of Australia adopted the principals of market economy after the financial...
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...Tiffany Coulam December 11, 2014 Business Ethics Professor Kitanov Market Economy vs. Market Society Market is defined as an area or an arena in which commercial dealings are conducted and is from the Latin mercatus which means ‘buy.’ This is absolutely appropriate for the environment where economic transactions take place. But is this same arena appropriate for the facets of life that have traditionally been governed by more spiritual and moral beliefs? Many intellectuals have posed the question, “Should everything in this world be up for sale?” In the book, What Money Can’t Buy, Michael J. Sandel states that we have morphed from a market economy into a market society. He argues that the market has entered into areas that moral law should reside over and there are, or should be, ‘moral limits’ to markets. In the wake of the worst economic crisis since The Great Depression, it is time to rethink the notion that markets values are the end all and be all of our society. Americans tend to believe that the market’s invisible hand is the greatest caretaker, the best in producing the greatest good for the greatest number of people. The recent financial crisis could not even shake this mentality. The people “discredited the government more than the banks” (Sandel 12). For decades, industrialism and market triumphalism have prevailed over this nation. There are strong arguments for the capitalist markets and their benefits. The finer things in life such as, leisure time...
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...series of developments sometimes described as an “IT revolution” are reshaping the economies and societies of many countries around the world. Technology is now a driving factor in the process of globalization in the free market economy. Technological innovation is the one of the most fundamental impulses that set and keep the free market economy in motion Wang (2007). It incessantly transforms production and consumption as well as organisation of firms and industries, destroying old ones and creating new ones – a process that Schumpeter named creative destruction which leads to innovation and value both for consumers and for shareholders of companies. Free market refers to a market system in which the prices for goods and services are set freely by consent between sellers and consumers, in which the laws and forces of supply and demand are free from any intervention by a government, price-setting monopoly, or other authority. Free market contrasts with a controlled market or regulated market, in which government intervenes in supply and demand through non-market methods such as laws creating barriers to market entry or directly setting prices. Free market is the concept in which price is regulated by the corresponding demand and supply. According Betz F (2011) technology refers to as knowledge of manipulation of nature for human purpose. The power of choice which comes with the free market structure makes best use of individual entrepreneurial abilities...
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...scarce resources. Explain how resources are allocated in a free market economy? Scarcity is the availability of resources in limited amounts relative to unlimited nature of human wants that the resources are meant to satisfy. According to Richard G Lipsey It is the basic economic problem that is arises because people have unlimited wants and limited resources. Because of scarcity the economic decision must be made to allocate resources efficiently. When we talk of scarcity within an economic contest, it refers to limited of resources not lack of riches. These resources are the inputs of production land, labour and capital. People must make choices between different items because resources necessary to fulfil their wants are limited. These decisions are given up on want to satisfy another. Market economy enables mutual beneficial between producers and consumers and relies on markets to solve the economic problem, is called market economies. In a free market economy, resources are allocated through the market of free and directed forces of markets. This means that what to produce is determined by the consumers, how to produce is determined by producers and who gets the product is determined by the purchasing power. Markets economies work by allowing the direct interaction of consumers and producers who are pursuing their own interest. The pursuit of self interest is at the hand of free market economy In a free market economy resource allocation is determined by the price mechanism....
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...Proceedings No. 21 Of the Agricultural Policy Forum on Social Market Economy In the Context of National & International Challenges Prepared by Mrs. Nawal Nehme Info-Com Division Held in Damascus on 13 April 2006 With the support of Table of Contents Introduction ...................................................................................................................................... 3 Synthesis of The Presentation .......................................................................................................... 3 Summary of Discussion ...................................................................................................................12 Annex (1) List of Participants .......................................................................................................... 15 Annex (2) Slides of The Presentation ..............................................................................................18 Proceedings No. 21– Social Economy Market 1 2 Proceedings No. 21 – Social Economy Market Introduction The workshop “the Social Market Economy in the Context of National & International Challenges” was the first activity of the 2006 Agricultural Policy Forum series organized by the National Agricultural Policy Center (NAPC) with the support of the FAO Project GCP/SYR/006/ITA. Dr Isam El-Zaim, Director General of The Arab Center for Strategic Studies and Head of the Syrian Economic Scientific Association, presented...
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...Market Driven Democracy The first fifty years of the 19th century set the terms of the United States' economic and democratic systems. The interweaving of politics, commerce, trade, and society began in this time and those first bonds formed still effect United States life today. This connection between economics and life is rooted in the emergence of the market economy, which served to establish the ideals of American “democracy” that we connect with now. This divergence from the former moral economy served to make the United States actually less democratic, forever establishing an upper class of owners and forming social roles about race, class, gender and family that encouraged inequality and persist today. This establishment of inequality is exemplified in the images of work attached to the prompt, and show how these roles were seen and formed within the culture. The image of the Erie Canal Workers shows the change from an earlier ideal of American life and labor, where ones labor was to be used to work and cultivate your own land to sustain your own living. This image of the Erie Canal workers shows the exact opposite of this self owned concept for labor. All of these men are essentially being used as machines, good for nothing but labor, to work and make use of the land owned by someone else, for someone else's profit. The fruits of their labor would not be actual fruits as they might previously have been, but a monetary amount, to be budgeted as best as possible to...
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...Cultural Value: Dedication to Market Economy Key to understanding the healthcare delivery system is understanding the values our nation holds as they relate to the dynamics of that system (Althaus, 2013). Notably, our dedication to the “market economy”, in which prices and investment are driven by supply and demand and goods and services are distributed through the free market (Merriam-Webster Online Dictionary, n.d.). I have watched hospital medicine become a viable field over the course of the past 15 years, partially as a result of this commitment to market economy. The pioneers of the field saw an opportunity to reduce expenses for hospitals while improving quality. Initially, there was neither supply of nor demand for these physicians. Now we find the field experiencing the same shortage of physicians that is echoed across most other specialties. “One does not experience shortages of anything in a market economy for very long before the market price of the scarce item rises” (Goldsmith, 2012). This steady rise in demand for physicians practicing in hospital medicine has meant that 1) their compensation has increased and 2) they are harder to find and retain. Additionally, the shortage of available physicians to fill these slots has started to have a ripple effect, meaning that some hospitals are now looking for help from the nurse practitioner ranks, which is also driving up their salaries. Apart from the increased spend on physician compensation and increased...
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...involved in a market economy, the government influences four main areas in the economy which are; enforcing antitrust laws, preserving property rights, providing a stable fiscal and monetary environment and preserving political stability. Also the report will cover why there can never be a truly ‘free market’ economy, where there is absolutely no government intervention. Market Economy In a market economy, the majority of a nation’s land, factories, and other economic resources are privately owned, either by individuals or businesses (Wild, Wild & Han 2010:151). It is also an economy in which prices of goods and services are freely set based on the laws of supply and demand which are unfettered by interference from a government or other outside bodies. A market economy at its basic is an economy run entirely by the market itself (McGuigan 2003:1). In contrast to a market economy is one which follows the Keynesian principals which is an economic theory which advocates government intervention, or demand side management of economy by increasing money supply or by actually buying things on the market itself, they believe that this will achieve full employment and stable prices (Web finance 2010:1). Market economy has come to be accepted as a norm across the world with many developing countries like India and China moving towards a full market oriented economy (economy watch 2010:1). The social democratic government of Australia adopted the principals of market economy after the financial...
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...TECHNOLOGICAL EFFICIENCY AND FREE MARKET ECONOMIES Evans Gwaro Kisii University 15th July, 2016 Technological Efficiency and Free Market Economies Betz (2011) defines technology as the ability to influence any piece of knowledge to suite the best interest of human nature. While, on the other hand, Zupan (2011) refers a free market to system in which the prices for goods and services are agreed freely by accord between vendors and users, in which the rules and requirements on supply and demand are not interfered with by the authorities, price-setting monopoly, or other power. Free markets have various merits. The most accepted is the extension of individual choice, through commonly appreciated give-and-take situation. Subsequently, free market differs with a regulated market, where the government intercedes in supply and demand through non-market approaches that include regulations forming obstructions to market entry and/or directly setting prices. As such, the concept of a free market is where prices are structured by the equivalent demand and supply opportunities. Subsequently, as aforementioned, the influence of choice which enshrines to the free market alignment employs preeminent use of discrete entrepreneurial skills which inspires technology advancement. Essentially, in a free market economy, there are three components that include competition, active but limited government, and the self-interest. Competition in the market place provides quality goods to consumers...
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...Question Compare & contrast a market economy and a planned economy in terms of the following; provision of public goods, production and consumption of merit and demerit goods, consumer sovereignty and equity in income distribution. (30marks). A market economy is an economic system where the factors of production, are privately owned, consumers and producers are motivated by self interest, the level of competition in the markets is very high and resources are allocated through the price mechanism. The definition is supported by Lipsey (1992) who also state that decisions about resources allocation are made without any central direction but instead as a result of innumerable independent decision taken by individual producers & consumers hence in the market economy the individuals or market makes the ultimate decision in allocation of resources. Whereas the planned economy is one in which the coordination of economic activity so essential to the viability and functioning of a complex social economy is undertaken through administrative means commands, directives, targets and regulations rather than by market mechanism. The dictionary.com defined this economic system as a socialist economic system in which production and distribution of goods and services are controlled by the government and industry is mostly publicly owned. Provision of public goods These are goods that are non rivalry in consumption and non excludability as alluded by Stanlake (2000) He also added...
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...UK economy trend and retail market situation Distinctive feature of economic life in the UK at present time is a financial and economic crisis and its consequences, which took a severe stroke to banking system. Problems in the financial sector were followed by difficulties in other sectors of the economy, and as a result, production was reduced, unemployment was increased, consumer demand sharply was reduced, the real estate market was deteriorated, the British currency felt to its lowest level in 25 years. In the second half of 2008 UK economy entered a recession, and in the first half of 2009 UK GDP declined by 4.4% compared to the same period in 2008. However after the very strong downturn, UK's economy began to show signs of recovery since the second half of 2009. Macroeconomic statistics for 4th quarter of 2009 gave cause for optimism: the first time since the beginning of crisis weak growth of 0,3% had been recorded (Table 1.) Table 1. GPD Growth (www.statistics.gov.uk) |[pic] | Household Consumption first time after the crisis has become positive in Q3 of 2009 growing by 0.1% (Table 2.) Table 2. GDP by spending (Economic & Labor Market Review, Jan’10) [pic] The rate of inflation in UK has been slowed down in 2009 due to the decrease of demand caused by economic weakness. However there was sharp increase since...
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...Concept of Free Market Economy with focus to Indian Economy and options for Bangladesh 1 1.0 INTRODUCTION Free market economy has become the only economic system dominating the world after the collapse of socialism in Soviet Union and other East European countries. Today, the application of market mechanism is widespread all over the world. The free flow of capital and goods throughout the world has made the world like a single village. Success of countries practicing free market is only evident with the growth of the USA, the Scandinavian countries, Germany and France as major world powers. Countries such as India and China, by allowing liberalization of its trade to some extent and practicing free market principles brought about more efficiency among its domestic producers and increased its growth rate markedly. Free market existing with the doctrines of Socialism like limited regulation of prices by the government to protect the poor can be an ideal situation for developing countries like India, China and South East Asian countries to attain growth and prosperity. 2.0 FREE MARKET ECONOMY The term free market economy primarily means a system where the buyers and sellers are solely responsible for the choices they make. In a way, free market gives the absolute power to prices to determine the allocation and distribution of goods and services. These prices, in turn, are fixed by the forces of supply and demand of a respective commodity. In cases of demand falling short...
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...| Has Market Economy approach led the world to the current economic situation? | | | | By:Divya Padmanabhan IES Management College and Research Centre Mumbai, India | Executive summary: “If war is God’s way of teaching geography to the world, recession is His way of teaching everyone a little economics”. The global financial crisis has questioned the efficacy of the existing institutional framework and forced us to rethink on how our financial systems are regulated. It has also posed an important question whether the root cause of this global crisis has been the highly praised ‘Open Market Approach’. The inter linkages in the global economy has ensured that no country remains isolated and unhindered by the crisis. With the economic crisis looming over the people at large, unemployment seems to be at all time high and the whole world having a pessimistic view of the future, capitalism seems to be at loss of reason for this crisis, let alone a find solution for it. There was a time when being a capitalist economy was a matter of pride and people were excited to be part of the “free” economy but somewhere down the line the excitement seemed to have vanished. What was thought to be an epitome of equality, turned out to be the cause of inequality. In an article by Joseph E. Stiglitz “Of the 1%, By the 1%, For the 1%”, 1 percent of the people in USA take nearly a quarter of the nation’s...
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...The Basic Diculties of the Transition from a Planned to a Market Economy The basic diculties of a transition from a planned to a market economy follow already from these general considerations on the base of the theories of a market and of a planned economy. 1. The production structure of a planned economy does not conform to the demand structure of a market economy. The preferences of the consumers and private investors are not those of a politburo, thus the nal demand is di erent and thus the production structure. 2. This means that also the structure of capital goods is di erent. New industries have to be built up, old ones must be given up. 3. Many plants which are now exposed to competition cannot compete with the costs inherited from the planning period. Eciency of production is needed, which in turn leads in most cases to dismissal of workers. 4. If the borders are opened to free trade, the economy has to be integrated into the world trade, i. e. into the international division on labor, which may lead to another type of structural change and in many cases also to unemployment. 5. Prices have to be adapted to marginal cost and wages to the value of the marginal product of labor. This leads to changes in the income distribution which will hurt some people. 6. Elder capital which still has been used in the planning era must be scrapped. 7. With high rates of unemployment labor supply decreases. The real wage of those persons who are nevertheless...
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