I think the government should be allowed to interfere with the free market. However, although this may seem idealistic, I believe that the governments should of course try to be manipulating the economies for the sake of putting the people’s best interest in mind. An example of this may be the government’s use of taxation on harmful items such as cigarettes, in an effort to keep the people healthy. However, the everlasting presence of corruption has many times undermined the many of the good intents of taxation. Many other factors also complicate the issue.
Margaret Thatcher is a prominent politician in the United Kingdom’s history. However, her role has been a controversial one. She had advocated for less governmental influence, which strongly contrasted the previous notion of collectivism which gave form to UK’s post-WWII economy. Her ideology was that there was a natural rate of unemployment which shouldn’t be tampered with. Under her term, inflation and taxation went down. However, homelessness and unemployment went up. This is also an important argument for the government’s role in the economy. Many times, by relying too much on the government, we end up with negative impacts in the economy, and giving way to too much economic liberalization also leads to problems, as demonstrated in Thatcher’s term.
In conclusion, I believe that the government should be able to interfere, but only with a limited amount of jurisdiction.
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