My big fat
The recovery after the terrorist attack 9/11 and the role of government in the US economy
Outline
I. Introduction
Throughout history every society has faced the fundamental economic problem of deciding what to produce, and for whom, in a world of limited resources. In the 20th century, two competing economic systems, broadly speaking, have provided very different answers: command economies directed by a centralized government, and market economies based on private enterprise. A market economy system is one in which a nation’s economic decisions are the result of individual decisions by buyers and sellers in the market place. Market economies are, by their very nature, decentralized, flexible, practical and changeable. The central fact about market economies is that there is no center. Indeed, one of the founding metaphors for the private marketplace is that of the "invisible hand." No market is a purely a market economy.
The US economy system is commonly believed to be nearly a market economy system because it sustains a free enterprise system which allows people to be free to go into business on their own. Historically, the U.S. government policy toward business was summed up by the French term laissez-faire - "leave it alone." The concept came from the economic theories of Adam Smith, the 18th-century Scot whose writings greatly influenced the growth of American capitalism. Smith believed that private interests should have a free rein. As long as markets were free and competitive, he said, the actions of private individuals, motivated by self-interest, would work together for the greater good of society.
The American belief in "free enterprise" has not precluded a major role for government. However, the US government still plays a vital role in economy. People have relied on government to address matters the private economy overlooks, from education to protecting the environment.
II. Main points
1. The terrorist attack 9/11
1.1. The
Outline
I. Introduction
Throughout history every society has faced the fundamental economic problem of deciding what to produce, and for whom, in a world of limited resources. In the 20th century, two competing economic systems, broadly speaking, have provided very different answers: command economies directed by a centralized government, and market economies based on private enterprise. A market economy system is one in which a nation’s economic decisions are the result of individual decisions by buyers and sellers in the market place. Market economies are, by their very nature, decentralized, flexible, practical and changeable. The central fact about market economies is that there is no center. Indeed, one of the founding metaphors for the private marketplace is that of the "invisible hand." No market is a purely a market economy.
The US economy system is commonly believed to be nearly a market economy system because it sustains a free enterprise system which allows people to be free to go into business on their own. Historically, the U.S. government policy toward business was summed up by the French term laissez-faire - "leave it alone." The concept came from the economic theories of Adam Smith, the 18th-century Scot whose writings greatly influenced the growth of American capitalism. Smith believed that private interests should have a free rein. As long as markets were free and competitive, he said, the actions of private individuals, motivated by self-interest, would work together for the greater good of society.
The American belief in "free enterprise" has not precluded a major role for government. However, the US government still plays a vital role in economy. People have relied on government to address matters the private economy overlooks, from education to protecting the environment.
II. Main points
1. The terrorist attack 9/11
1.1. The