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Essay / Research Paper Abstract
This 4-page paper outlines the challenges a market society, or a free-market capitalistic society, faces. The U.S. banking crisis of 2008 is examined in this context. Bibliography lists 2 sources.
Page Count:
4 pages (~225 words per page)
File: D0_MTmarsocha.rtf
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Unformatted sample text from the term paper:
To understand the challenges of a market society, it would first be helpful to know what, exactly, a market society is.
In its most basic form, a market society taps into the "invisible hand" approach of capitalism that economist Adam Smith introduced in the 1700s (Investordictionary.com, 2008). The concept of market
society can also refer to controlled forms of the market by the government, which is also known as state capitalism (Investordictionary.com, 2008). For purposes of this paper, however, well focus
on the free-market style of capitalism, as we are currently living through one of the challenges of a wildly unregulated, thoroughly capitalistic marketplace.
Scottish economist Richard Easterlin comments that, in direct opposition to those who believe that free markets are considered movers of society, the opposite is true (2006). He points out
that the economic movers, from urbanization, to improvements in medicine, to an improvement of life expectancy can be laid at the door of public policy initiatives (Easterlin, 2006).
Though Easterlins hypothesis might be going a little too far toward the socialist/government intervention side, there are some questions, these days, about the
reliability of a free market. The concept of Smiths "invisible hand" is that markets are always seeking equilibrium when it comes to supply and demand, and that equilibrium means the
economy will never be too far out of whack. While Smiths theory makes sense on paper, it unfortunately also assumes that people will behave in a rational fashion. It also
assumes that corporations will behave in a virtuous and moral fashion. The problem is, neither assumption is true. We can take the
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