Economic Thought
... thought. In order to enforce that everyone is being fair the government is needed to intervene and make things fair. In class we also learned about a man named John Kenneth Galbraith. He believes in the government owning and running the nation’s largest corporations. He wants larger interests of the society put ahead of the interests of individual corporations. Having the government owning the big companies would help a lot because for example instead of using resources for things like video games the resources can be used towards more helpful things such as new medical equipment. In reading about the Great Depression our country suffered through during the 1930’s, I learned that liberal economic thought was the stimulus for the economic recovery, which eventually brought our country out of this time of distress. President Roosevelt’s economic stimulus package was largely based on doing what was best for the masses. These policies included putting a large portion of our population, who was unemployed, to work on our government funded public work projects such as highway, bridge, and other public work projects. Democratic values help to support liberal economic thought. The right of individuals is one. This is a key point because prior to the formation to the United States and its economies foreign countries gave very little thought and provided few rights for the individual vs. large corporations. Integrity is another value. Our economy provides integrity as a key component. In theory integrity is guaranteed through checks and balances such as fair trade that is enforced the SCC and the FTC that regulate free trade and honest and fair trade for all. Our laws and federal agencies mandate and enforce integrity by law. Promoting the general welfare is yet another value. It is one of the bigges...