What is your opinion of why US is more advanced country then other countries in economic term?
10 pts. for good or detailed answer.
Answer:
It is because US. is a capitalist-economy right fromt he start. It's liberalized and many business are privately owned. Alot of freedom is in place, and very little role of government intervention except for their basic role of diplomacy, deterrence and basic needs like air sanitation, good air and primary education.
Unlike many countries like China, the government has alot of regulations.
Hence when business are given more privacy, they can do whatever they want. And the fundamental objective of business is to maximize profits. So with privacy, they will do whatever they want to maximize profits. This will be accompanied by consumer wants and needs and try to satisfy them. In turn, this will create compeition among the businesses. Just imagine urself in a competitive position of among 4 ppl in ur class, where the best gets like grade 'A' and the others get a 'B'.. U'd obviously want to do well and study hard right?
That's how competition creates benefits. On a very rare case, some 'losers' or business will just give up. So when constantly trying to improve, in turn the economy of US will improve gradually. Hence, US is more advanced country then other countries.
I hope i got that right =)
I'm an comparative economics system student, just finished my summer examinations
Private Property rights and the most free, capitalist economy with the least corruption in the world.
This is not the best forum to explain it in, but if you knew you could keep 100% of your earnings on an investment, you are more likely to invest. Conversely, if you know that the government will prevent or limit your earnings, you have very little or no incentive to invest.
Another simple example: In some countries, the government owns the land, or maybe just a few landowners. The person working the land has no incentive to improve the property because if they improve it too much, the owner may take it over or give it to someone else.
To be brutally honest the reason why to date the USA is so advanced in economic terms is due to all the European immigrants before and especially just after the second world war. The best brains and a lot of money people fled from the whole of Europe to the safe haven of the USA.
We are not as advanced as you think! OUR CULTURE Is being compromised by RAP& ROCK 'N' ROLL SCUM! 21th POP CULTURE HAS cheapened society with mental poverity!
the US economy is innovative. The leading cause of growth is technological advancement. The US has never really been steeped in "traditional" methods. That is not to say some industries weren't but if you notice those are the ones dragging down or really lagging behind the rest of the economy. The areas where the US is the best and doing the best are those industries that are open to change. Fortunately the US has many such industries
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