首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
What was the American economic system based on until 1930?
What was the American economic system based on until 1930?
admin
2012-01-20
67
问题
What was the American economic system based on until 1930?
Until 1930 the American economic system was based on a self-regulating, free-market economy, also known as laissez-faire capitalism. Basic capitalism has the following four characteristics. First, land and capital are privately owned. In this case capital refers to the buildings, machines, and other equipment used for the production of goods. Most large factories in America today are owned by corporations; that is, their ownership is shared by hundreds of people who own a small fraction of the whole business. In many cases people who work in the factories own some small part of them. However, some factories and many farms are still owned by individuals.
The second characteristic is that production is determined by market demands rather than by the government or a planning body. Manufacturers can decide what and how much they will produce. They make their decision on the basis of what people want to buy. Manufacturers must do constant market research to determine what people want so that they can determine what they should produce. They must also determine how much competition they will have when they manufacture a product.
The third characteristic of capitalism is that self-interest is important to both the producer and the consumer. The consumer can choose to spend money on products that will bring the most satisfaction. The consumer’s self-interest is satisfied if they buy products that work well. Producers can make more money by selling more products; they sell more products if they please their consumers. This principle is known as consumer sovereignty. In other words consumers have all the power.
The fourth characteristic is that, traditionally, the government’s role in a free market economy is very small. Competition makes the economy self-regulating, so government intervention is not necessary. In other words, the government does not need to set production standards or quotas. These will be determined by the consumers and their response to the products.
The American economy maintained these four characteristics until the Great Depression of the 1930s when capitalism was seriously challenged. President Franklin Roosevelt restructured the financial system to remove the worst elements of capitalism. This meant that government began to play a larger role in controlling the economy. The American system since the 1930s has been referred to as "mixed" capitalism since it combines government supervision with other elements of capitalism such as private ownership and competition.
For nearly twenty-five years after World War Ⅱ, the changes put into place during the Roosevelt administration allowed the economy to maintain constant growth with low inflation and a rising standard of living. In the mid-1960s the economy was again challenged by inflation, unemployment, critical shortages, and rising energy costs. Although the crisis of the 1960s and 1970s was brought under control, stock market crashes in the 1980s brought new challenges as did rising unemployment in the early 1990s.
Although it has its drawbacks, the free market economy can also provide consumers with high-quality products and with a wide range of choices.
选项
答案
(their)Self-interest.
解析
转载请注明原文地址:https://kaotiyun.com/show/U9Xd777K
本试题收录于:
公共英语五级笔试题库公共英语(PETS)分类
0
公共英语五级笔试
公共英语(PETS)
相关试题推荐
What’sLackingin’Sicko’?Whenitcomestoeconomicdecisions,therearealwaystrade-offs(取舍).Gainonethingandyoul
What’sLackingin’Sicko’?Whenitcomestoeconomicdecisions,therearealwaystrade-offs(取舍).Gainonethingandyoul
PresidentBushintendstoprovideillegalimmigrantswithanopportunitytogetlegalresidencyorAmericancitizenship.
PresidentBushintendstoprovideillegalimmigrantswithanopportunitytogetlegalresidencyorAmericancitizenship.
PresidentBushintendstoprovideillegalimmigrantswithanopportunitytogetlegalresidencyorAmericancitizenship.
PaulStraussmann,retiredvicepresidentofXerox,indicatesinhisbookinformationPayoffthat"almosthalfoftheU.S.inform
NoteveryPresidentisaleader,buteverytimeweelectaPresidentwehopeforone,especiallyintimesofdoubtandcrisis.I
WhatwasthemostseriousproblemfacingWilliamI?
随机试题
中国甲公司诉某国乙公司侵犯其商业秘密案件,由于属于重大涉外案件,所以一审由某中级人民法院审理。根据此案情,回答以下问题:第二次开庭前,甲公司发现审判员常某接受乙公司诉讼代理律师吴某的请客送礼,于是向法院提出回避申请,则以下各选项中哪些说法是不正确的?(
如图所示半径为R的半圆形截面,形心C与直径轴x1的距离yc=4R/(3π),求得半圆截面对于形心轴Xc的惯性矩IXc为:
甲公司20×5年12月31日发行在外的普通股为7.500万股。20×6年7月1日,根据股东大会决议,以20×5年12月31日股份为基础分派股票股利,每10股送3股;20×6年10月1日,根据经批准的股权激励计划,授予高级管理人员1500万份股票期权,每一份
按照发生的实际情况划分,旅游事故分为()。
企业劳动争议调解委员会由()组成。
下列属于智力因素的是()。
①按我们的标准,其中的大多数寿命都很短②它们在层层大气中像浮游生物一样漂游,在不断死亡着③据说,地球上任何时候都有着成亿兆的昆虫④有些被吃掉,有的只是随时随地掉落下来⑤有人估计过,在温带的每平方英里的上空,往上延伸到数千英尺的大气中,悬浮着二千五百
下列各项中,属于总分类会计科目的是()。
CollegeNightOwlsHaveLowerGradesCollegestudentswhoaremorningpeopletendtogetbettergradesthanthosewhoareni
Consumersandproducersobviouslymakedecisionsthatmoldtheeconomy,butthereisathirdmajor【1】toconsidertheroleofgov
最新回复
(
0
)