Economic Freedom and the American Dream by J. Shaanan

By J. Shaanan

Shaanan demanding situations the normal view that unrestricted financial freedom complements our monetary and political health. He demonstrates that unrestricted monetary freedom presents merits but in addition inflicts a heavy toll on democracy, unfastened markets and, sarcastically, monetary freedom itself.

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However, they would also require large structural changes in the tax system and its accompanying industry. Politicians fearing that a new tax system may not function smoothly and vested interests opposed to the change have prevented adoption of these taxes. The sanctity of consumption plays a role in the rejection of alternative tax systems. 4 Consumption For American manufacturers to adopt mass-production techniques, mass consumption had to be created. A nation without either an entrenched culture or an aristocracy as an arbiter of taste was more receptive to massproduced goods and to the enticements of its sellers.

For large segments of the population, excess cash over the amount necessary for subsistence is a relatively new phenomenon in human history. The channels to which excess cash are diverted are astonishing, and more puzzling is the eagerness to use debt to satisfy this desire. So pervasive is the shopping culture in the United States that one might describe it as practiced with the fervor of a patriotic duty. The difference between what is a necessity and what is a luxury has been blurred. There have been lengthy debates on whether consumer sovereignty is an illusion and whether consumers are manipulated into believing that what they purchase is what they genuinely desire.

There are laissez-faire proponents who claim sympathy with Adam Smith’s views but do not object to subsidies, tax breaks, bailouts, and other forms of government largesse granted to large corporations. Others favor the rule of money in politics, including corporate money. They see little problem with business lobbying or corporate political donations, never mind that these may eventually result in market distortions inefficiencies, and tilt the balance artificially in favor of big business. Laws and rules favoring corporations are not considered incompatible with free market principles.

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