Write a clear, coherent essay on the following: What is an economic system and what is its
purpose? What values should it promote? Discourage? Given the economic readings so far
(liberalism, community based systems, economic nationalism/state capitalism), how would you
characterize the current US economic system? What does it do well? What value(s) does it
promote? What could it do better? (limit 1000 words).
Economic systems inform the process of resource allocation. This includes how the
distribution of goods is coordinated, rules concerning land ownership, incentive mechanisms,
and the organization of decision making. Different economic systems have different values and
objectives, for example one system may value equity between citizens more than the efficiency
of a market, or it may value prosperity more than justice.
An economic system should promote the most freedom and prosperity possible while
maintaining values of fisocial justice, equality, and and security.”
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On the other hand, an
economic system should protect people from coercion of the government. A capitalistic society
