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The Market Economy THE MARKET ECONOMY: PROS AND CONS Individu

preclude the development of adverse conditions with respect to these factors. Conveniently overlooked by most free market advocates, however, is that fact that the reason laws concerning these factors are in existence in the United States is because market economy principles did not preclude the development of adverse conditions with respect to them.

While the proponents of an unrestricted free market contend that the selfcorrecting feature of the system precludesthe development of economic injustices, they also reject any responsibility on the part of business enterprises to pre clude such outcomes, or to correct such outcomes should they in fact occur. In the early1960s, concepts of economic and social justice, as well as concepts related to environmental protection, began a metamorphosis and expansion. One of the notions being incorporated into the expanded concepts was that all institutions and organizationsincluding business, which derived benefit from being a part of a society, and which separately or collectively affected the direction of a 3society, had responsibilities to that society which extended beyond "self" interests. Unrestricted free market advocates, including th

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The Market Economy THE MARKET ECONOMY: PROS AND CONS Individu. (1969, December 31). In LotsofEssays.com. Retrieved 21:07, May 05, 2024, from https://www.lotsofessays.com/viewpaper/1703973.html