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The Economy

In: Economic Freedom and the American Dream

Author

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  • Joseph Shaanan

Abstract

The United States is seen as the standard-bearer of laissez-faire economics, a capitalist society where the profit motive is given free rein and the pursuit of economic success is the top priority. A confluence of philosophies, such as Adam Smith’s invisible hand, John Locke’s emphasis on private property, and Thomas Jefferson’s view of a limited government, serve as the intellectual underpinning. U.S. governments generally refrain from substituting bureaucratic decision making1 for that of the market and eschew picking the industries of the future. It is accepted that government has no special insights in this matter, and efficiency dictates that markets determine the allocation of resources. The price mechanism, more so than in most nations and ignoring issues of corporate administrative coordination, guides the workings of the economy.

Suggested Citation

  • Joseph Shaanan, 2010. "The Economy," Palgrave Macmillan Books, in: Economic Freedom and the American Dream, chapter 0, pages 41-54, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-10223-1_4
    DOI: 10.1057/9780230102231_4
    as

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