Economics and its impact on country progress



Economics and its impact on country progress

What is the relationship between free markets and the liberties promoted and protected by America's republican form of government?

For a brief understanding and comprehension, free markets implies the kind of market system which strictly runs and follows the rules of competition, which are backed by supply and demand. This form of market system prevails with the kind of contracts that buyers and sellers tend to have while coming into contact with one another; here, the role of the government becomes almost minimal since most of the fluctuations that take place in the market are due to the dealings that tend to exist between sellers and consumers (Buffett, pp.599).

To understand the relationship that exists between the free markets and the liberties that have otherwise been imposed and implemented by the Republican form of government seems simple to understand, but is as complex, if one pertain to understand the kind of casualties involved in it. Here, the basic and most important constituent involved in the case of the free markets implies that there is no rule of the government in the voting policies and procedures that take place within the country (Marx & Engels, pp.594).

What level of federal and state government regulation is necessary to ensure the safe and ethical conduct of business?

Ethics has been amongst the popular labels of conducting business in recent times. In today's modern world, with constant developments occurring in the business world and awareness being disseminated between people, business ethics has become amongst the most strongly and strictly followed codes of conducting effective and long-term business operations (Smith, pp.585).

For companies to perform safe and ethical conduct of business, one requires lawful rules and regulations in order for ethics to become truly effective. One ...