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
48
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
Market demand/what people buy.
解析
转载请注明原文地址:https://kaotiyun.com/show/W9Xd777K
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
HowDidSheConquertheAmericans?African-AmericantalkshowqueenOprahWinfreyistheworld’smostpowerfulcelebrity,ac
HowDidSheConquertheAmericans?African-AmericantalkshowqueenOprahWinfreyistheworld’smostpowerfulcelebrity,ac
SymptomsofPervasiveAnti-IntellectualismAmericanstodaydon’tplaceaveryhighvalueonintellect.Ourheroesareathl
Americanyoungpeoplefindthetransitionintoadulthoodeasytoface.
USBlacksHard-hitbyCancerDeathratesforcancerarefallingforallAmericans,butblackAmericansarestillmorelikely
PresidentBushintendstoprovideillegalimmigrantswithanopportunitytogetlegalresidencyorAmericancitizenship.
NoteveryPresidentisaleader,buteverytimeweelectaPresidentwehopeforone,especiallyintimesofdoubtandcrisis.I
NoteveryPresidentisaleader,buteverytimeweelectaPresidentwehopeforone,especiallyintimesofdoubtandcrisis.I
随机试题
一名患急性喉炎的小儿,安静时可听到喉呜,并有吸气性呼吸困难,听诊可闻管状呼吸音,患儿心率加快,约130次/分,该患儿喉梗阻程度为
混凝土的耐久性不包括()。
汽车库是用于停放由内燃机驱动且无轨道的客车、货车、工程车等汽车的建筑物,其按照停车方式的机械化程度可分为()。
下列经济业务事项应登记备查账簿的有()。
【2014山东济南】子曰:“知之者不如好之者,好之者不如乐之者。”这句话所强调的影响学习的因素是()。
(2017·内蒙古)心智技能形成中出声的外部言语阶段、不出声的外部言语阶段和内部言语阶段可以合称为()
皮亚杰认为,公正阶段的儿童往往更多地从行为的_________而不单纯是行为的后果来判断行为的责任。
“良机对于懒惰没有用,但勤劳可以使平凡的机遇变成良机。”这说明()。
下列各句没有语病的一句是()。
因西花村附近的华能金陵电厂要扩建。政府向村民征用了土地。虽然已经按规定向村民发放了补偿款。但部分村民仍不满意,要求提高补偿标准增加补偿费。在没有及时得到答复的情况下。他们就到镇政府门口聚集闹事。堵塞交通,领导让你去处理此事,你会怎么办?
最新回复
(
0
)