Final Project

Ryan Hoang Trong Vu

Language Arts 8 period 7

Social Studies 8 period 8

Economy

           

            Do you know where most of billionaires come from? They come from places where people have rights to trade and individuals’ private ownership is allowed. They also have the right to control their own actions without government’s regulations stopping them. In places like that, there will be a lot of competitions to motivate them to find new ways to get money. Market economy allows people to achieve goals of wealth by freedom of trade and in making decisions that affects citizens positively.

            Generally, freedom of trade allows people to earn money which will later be used to strengthen and gain power for the nation. Back when America was discovered, the period of Gold Rush expanded the United States’ territory and economy dramatically. People became rich by trading gold for cash. Many lands were found by the motivation of searching for more gold mines. Back at the time, territory and money were the two most important things to the country. When people have money and their needs are fulfill, no one will try to protest or rebel, in the other hand, they will try to protect and strengthen the country. When the country’s neighbors try to invade, with money, they can easily prepare weapons to protect and fight back. Trading also creates many allies for the United States, therefore they get support from others countries. In the American Revolution, US make alliance with France, and they won. In addition, it also set goals and competitions for people to improve. When people trade, ideas also spread.   Freedom of trade supports the country in many ways.

           

Furthermore, increase of communication and interactions between countries help people to cooperate more with each other developing all nations. When China first made the decision to allow trade with foreigners and allow citizens to own individual business, started China’s economic boom. At 1958, China’s GDP is less then 50 billion but right after Deng Xiaoping allowed people to trade and interact with different people, the GDP also start to rise. 1988, the GDP shoot up more then two hundreds percents in just 10 years. China Allowing trade with foreign countries is the main cause of the economic boom. By having more interactions between countries, more ideas can spread and more goods can come into the country. It also creates a country with more diversity, people could cooperate and join ideas. Allowing trade is the same as accepting new ideas into China giving the country more advanced technology and skills. China’s economic boom was also caused by the government gave citizens’ rights for making profit. Back then, even if people had brilliant ideas about making money but it was still forbid by the government. Allowing citizens to have more rights make them feel good and when individuals gain money, it also help the government gain money and power.

           

            Finally, the most important thing in a market economy is freedom in individual decisions. In the story Gentlemen of Rio, Don Anselmo sold his land cheaper then the true price and that was his own decision. In a market economy, no laws state a specific price about products. Individuals control their own resources and own products therefore, they could practice equal trade. There are many negotiations making in market economy, therefore there are many interactions. Fair trading helps people to avoid conflicts that are not important. By not have conflict, people can get to understand each other more and have more empathy. Citizens work by their own to earn what they want without any help from the government. People can produce anything they think will make profit and satisfy the needs of the consumer. Individual decisions support the success of a market economy greatly.

Individual’s economic rights are the key of the market economy. The decisions of the producer are base on the principle of supply and demand. Trading can help more people get wealthier and fulfill their desires. It also creates more interactions between people and nation to nation. To earn profit, they have to make choices and cooperate with other. Market economy helps the country to develop in economy and individual.