Economic freedom Essay Example | Topics and Well Written Essays - 1000 words

Economic freedom - Essay Example The essay "Economic freedom" concerns the concept that called economic freedom. Studies have shown that human beings operate more efficiently when not under pressure. Freedom allows individuals to practice and fully exploit their creativity. Sociologists have linked human freedom to human creativity and have found it to be working hand in hand. The Sociologists argue that it allows for greater risks taking that would generate better ways of doing business. Economic freedom has three classical viewpoints, institutions, political and indices of economic freedom. This paper presents a discussion on economic freedom. For there to be a smooth flow of trade between parties, there are institutions of economic freedom set to achieve it. The first is the observance of the rule of law. In the application of the law, all parties are equal, and none is superior. The rule of law has obligations that ensure equality of individual in spite of any form of difference between them. Observance of the l aw protects traders from unfair completion. In law, two kinds of parties exist, the one with power and the other one who is governed. Both parties should act in a manner that is required of them and feel protected by the law. In as much as there is the observance of equality, it is not logical for every party to earn the same income. Equality comes in the sense of treatment of one another and not in the distribution of private resources. It is illogical for the government to redistribute earned resources. from citizens in the name of equality (Asafu-Adjaye 78). The next institution is a clear outline for the rights to own private property. A free market allows for the right for people to control their property and benefit from them. In addition to this, the individuals have a right to transfer their property at their own will. Therefore, an individual cannot be prevented from doing whatever he or she likes with the property. With this kind of system, traders are motivated to pursue their goals and continue adding value to their property. The traders are confident that they are capable of transferring their income anytime without the fear of having to leave anything behind when they opt to leave. Studies show that areas with well-defined property rules have a faster economic growth as compared to the areas without. Most research argues that this property rule is the main reason for poverty in third world countries since they do not have well spelt out systems. The third is the freedom of contract, which refers to the right of choosing whom to trade with, or not. The individual parties choose the form of contracts to get into and establish an agreement. However, once establishing the contract they both have to fulfill the terms and conditions and see it through whether one realizes that he will incur losses. In as much as most of the contracts are fair, some are not especially when the parties are unequal. An example is in the case of workers and employers when negotiating a number of working hours. The employer would be looking at maximizing the hours while the worker will be looking at minimizing it. However, since the employer has an upper hand, he tends to win the negotiation (Noyes 43). Economical freedom has come hand in hand with political freedom. Since the market is free, it has prevented politics to dominate trade. This has reduced the threat of suffering because of a political affiliation. It is a point worth noting that economical freedom has grown with the coming of political freedom.

Social Class Essay Example | Topics and Well Written Essays - 1000 words

Social Class - Essay Example These classes are â€Å"distinguished by inequalities in such areas as power, authority, wealth, working and living conditions, life-styles, life-span, education, religion, and culture† (Cody). How one’s socio-economic status, with which he is born with, affects his life chances is going to be discussed in this paper. Let’s first talk about healthcare. One who is born with high social status is given all the rights by the society to enjoy good health care facilities. He has enough money to go to expensive doctors or even visit physicians abroad. He has all the resources with which he can afford expensive medicines, and also can hire servants who bring the medicine placed on a tray to be put into his mouth. When a wealthy man goes to a hospital, he immediately gets an appointment with the highly professional provider. On the other hand, when a person belonging to a lower class, or even a middle class, gets sick, he is not able to afford to go to a doctor and buy c ostly medicines. If at all he manages to reach the hospital, he has to wait in long queues to get an appointment to get him examined. The doctor will not talk to him humanely. This way, the upper class enjoys greater longevity than the lower class. The middle class is not affected much in case of longevity. Hence, the amount of money a person has in his pocket decides what kind of and how much health care he will receive. This is the class discrimination that has deepened its roots into our society and no matter how much we get educated, we will always fall prey to this cruel discrimination. As far as family life is concerned, it is affected negatively in lower classes. This is because poor people are more stressed out because of poor financial conditions. They do not have high paying jobs, and thus they hardly make both ends meet. They cannot think of any luxury other than earning bread and butter. The family life is disturbed and the children do not get enough attention from their parents. Despite being the richest country, Americans rank highest in child poverty rates. They are stricken with insufficient nutrition along with unemployment and housing that is overcrowded (Arloc). Poor class manifests in physical, emotional and social ways. McLoyd suggests that impoverished children have social, emotional and behavioral problems due to poor health and serious mental health problems stemming from the persistent poverty level in which they live. Aber and Bennett concluded that serious health problems come along with the territory such as preventable diseases like Influenza, Measles, Malnutrition and AIDS due to lack of proper education and poor or no health care at all. On the other hand, the rich people have all the facilities and luxuries with which they can make their lives easier and their children happier. They can always spend lots of money on vacations, movies, games, picnics, and so on. The education and the political system is also dependent upon the so cial class. Lower social classes do not have the funding to support their children financially so that they are able to get good education. So they lag behind. This ends in their not getting good jobs, thus they add to the overall poverty. The high social classes can afford good schools and colleges, and can even send their children abroad for higher education. Thus, education sector is controlled by those high in power and wealth. Moreover, upper class is also able to vote more and choose their political leaders. Lower classes either