It's called "laissez faire"
| Posted On: 03/31/09 08:24:37 AM |
Age 62, MO |
The U.S. has primarily operated under the economic system of Adam Smith, "Wealth of Nations," wherein it was hypothesized that the "invisible hand" of the market place would dictate what businesses would prosper and for how long. The system was predicated on the ability of businesses to be able to change based on demand. Adam Smith did not consider that ownership and management of businesses would be separated: that there would be very large corporate enterprises. Government subsidies to the businesses cited in this article were given to get an innovation going, but were not applied to keep that business afloat. The principles of "laissez faire" or what we call "capitalism" are just as relevant today as they were at their inception, but the parameters of ownership and management must be adhered to, along with sovereign geographic location. Site here to sell here should be the law. George Cancilla
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