NOTE: Free essay sample provided on this page should be used for references or sample purposes only. The sample essay is available to anyone, so any direct quoting without mentioning the source will be considered plagiarism by schools, colleges and universities that use plagiarism detection software. To get a completely brand-new, plagiarism-free essay, please use our essay writing service.
One click instant price quote
THE ROLE OF GOVERNMENT IN ECONOMIC DEVELOPMENT American government always has been preoccupied with economic activities. During the first century of Americas nationhood, the main concerns of the early administrations were preserving the property of citizens. Although property rights still hold a high place in American values, other economic concerns such as economic growth, level of employment, international competition and the scarcity of natural resources have gradually replaced preservation of property rights as a major focus of government. Yet one factor has remained constant over the years: Government and economic activity are inextricably intertwined. Therefore, activity in one sector automatically has major consequences for the other. At the same time, quality of life and the relationship of economic development to the environment and to social issues represent current concerns for economic policy (Cochran, et.
al, 1996). Economic systems produce and distribute wealth among people in the form of goods and services. Different systems perform these functions in different ways. Industrialized nations are characterized by a variety of economic systems. They can, however, be roughly divided between two extreme alternatives of economic organization: market capitalism or free enterprise, and socialist or public ownership. Although each individual economy more closely approximates one of these two extremes, most combine elements of the free-market enterprise and government control.
One may actually conceptualize three types of economic systems. Free-enterprise capitalism implies both the market system defined earlier and the private ownership of the major means of production, distribution and exchange with such means run for profit of their owners. Socialism involves the public or governmental ownership and control of these major means of production, distribution and exchange presumably run for the public interest. (Cochran, et. al, 1996). Although citizens became accustomed to governments playing a supportive role in economic activity, they did not appear willing to accept government interference beyond that role.
Today few argue that the government has no appropriate role in the economic sector. Instead, controversy exists over where government should intervene, and for whom. We already have reviewed most of the area of responsibility. Traditionally, one purpose of government economic policy has been to stimulate economic growth.
Another purpose of economic programs is protecting and supporting the private enterprise system through promoting full employment, protecting the wellbeing of citizens, and controlling the pressures of inflation and / or recession. Ultimately, economic policies also result in redistributing resources among the various groups in society (Sabel, 1987). Today, when one speaks about the ultimate way to progress, globalization is usually thought about first. Nations across the globe are geared towards globalization as the ongoing trend these days. Businesses and opportunities which evolve are so situated towards making themselves competitive enough to fight off competition and eventually become better, more efficient and more progressive nations of the 21 st century. Economic growth usually identifies international trade, international investment, and international migration as common terms that relatively help achieve economic growth because when nations strive for progress their efforts usually redound to measuring their performances in the international market.
It is only with the right information that the aim to globalize every nation in the international community is made possible significantly through evolving technology on electronic commerce or E-commerce. E-commerce has played a major role in expediting the process of linking nations together through trade, investment and migration. It is the lubricating factor that makes globalization phenomenon work its way to attaining progress. All these years globalization has remarkably made a common language understood by people from all over the world, especially those in business communities. Globalization has proven as one of the main avenues successfully sought in a growing business.
But attaining it is not easy. It has its own intricacies to master so not all countries could easily reap the fruits of globalization. This has been largely due because of the information and the wonders of the Internet technology. (Cochran, et. al, 1996). No one can deny that the Internet technology has helped moved the world market so fast that indeed globalization has found its place in achieving progress.
The Internet technology has made the international market too dependent upon it as all modes of businesses are done with these technological advancements. This move indicates that the way to progress is no other than opening ones horizon using information technologies in penetrating the international market. The Internet market is driving growth as it moves towards gaining services revenues in almost all countries in the world. The increasing Internet accounts signify that increasing Internet accounts have taken place to meet the demands of globalization. As revenue increases because of the increasing access to Internet more users get involved in electronic commerce. They do not only access to information but is also active participants in the economic activities, locally, and internationally.
Making the Internet accessible to as many people as possible has been addressed by making wireless Internet available. The installation of Wi-Fi equipment and Internet broadband connectivity has made the Internet accessible to all. It has become commodities now and people seem to find it an affordable tool to increase the number of Internet users. The Internet technology is effectively used if the sectors of society, especially the business sectors, who are active players in the economy, are also prepared and equipped to maximize its utility. Some countries create programs that maximize the use of these technologies in all aspects of their economic development. WORKS CITED Cochran, Clarke, Mayer, Lawrence, Carr, T.
R. & Car, N. Joseph. American Public Policy. St, Martins Press. New York. 1996. Information Circulars 2005.
Retrieved Oct. 6, 2008 at: web Sabel, C. 1987. A Fighting Chance. International Journal of Political Economy, Vol. 17 No. 3. PP: 27 - 56
Free research essays on topics related to: economic growth, economic activity, electronic commerce, means of production, economic systems
Research essay sample on The Role Of Government In Economic Development
