Economic Freedom and the American Dream by J. Shaanan

By J. Shaanan

Shaanan demanding situations the normal view that unrestricted monetary freedom complements our financial and political health. He demonstrates that unrestricted fiscal freedom presents advantages but additionally inflicts a heavy toll on democracy, unfastened markets and, sarcastically, financial freedom itself.

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25 America, argues Lester Thurow (1999), did not buy the tools necessary to improve productivity, and slower rates of growth in the capital to labor ratio inevitably led to slower growth in productivity. S. productivity in the 1960s—almost disappeared. This is surprising given the explosion of innovations in information and communication technology. S. output after 1995 is due primarily to capital inputs, particularly information technology (IT) investment. S. economy. Well-developed stock and bond markets have seen innovations extending their scope and ability to raise money for both new ventures and existing businesses.

Robert Frank (1999) points to our preference for conspicuous consumption, such as large homes, and luxury cars over inconspicuous consumption, such as clean air and water, uncongested traffic, time with friends and family, and public transportation. Frank claims that this has to do with the importance of relative standing in our society despite our focus on absolute rewards. When individual satisfaction is contingent on other people’s spending habits, as in fact it is, Adam Smith’s selfishness principle does not necessarily provide society with the optimal mix of goods and services.

9 In the twentieth century, with the growing importance of large corporations in the economy, it became necessary to perform an intricate alchemy, equating in the public’s mind corporate autonomy with individual economic freedom, free markets,10 and even democracy. With the exception of the Great Depression when serious doubts surfaced, corporations’ freedom to profit became an American tenet. It was impressed on the nation that protecting this liberty would safeguard all other freedoms. The corporation was depicted as a heroic figure from mythology repelling the invading hordes of bureaucrats and planners with little gratitude from the public.

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