Theories of Political economy Essay Example | Topics and Well Written Essays - 1000 words

Theories of political prudence - Essay ExampleThis determines the fact that only a majority of choices (or greater purchasing power) bequeath support the existence of a commodity in a securities industry. Democracy demands that the choices of all consumers must be enforced, and also maintains the representation of minorities. However, absolve market parsimony does non support minorities because its terms are capable on greater numbers and purchasing power. If a minority lacks any of these factors it suffers from free market economy and inherently rules out the effect of democracy in the same scenario.Secondly the trickle-down effect is another product of colligation democracy and free market economy. The rich earn the purchasing power to have the most loveable and newest innovations until diminishing marginal utility lowers its demand. Eventually its cost falls and reaches to minorities which eventually satisfies democratic movement as well. For example, automobiles that hav e depreciated over 5 years are sent to third world countries, reconditioned but not valid for their home country. Or majorities that cannot afford electric automobiles are compelled to purchase ones that run with gasoline, which is much more than expensive in long term. Democracy would demand equal right and chance for communities to avail a new product/technology, but it is these situations that undermine democratic institutions. This cannot be regulated since it would require democratic institutions to get the hang demand and supply, which is highly unfavorable for a free market economy. Instead a free market economy takes support from an invisible hand which comes in the form of trickle-down effect. Democracy is an illusion in itself for workers and labor. government activitys provide a healthy infrastructure, stable currency, educated workforce and law enforcement. As there is a requirement for more workforces, Government arranges for that requirement through their own publi c establishments. Therefore, as free market suggests let the forces of demand and supply decide, lastly it is the corporations that decide how much to pay for labor and how to trade. Hence markets are created by the government it is the government only when that authorizes organizations to exist. Throughout this process, there is no enforcement of democracy, even in the manner of strong labor unions there is broadly an upper hand of corporations because it is they who form industry norms.Democracy cannot lead to elimination of free market economy because it itself is thriving on free market practice. Major ameliorative institutions from Medicaid and Social Security in the US are running from this mechanism. Capitalist system creates better societies for the affluent because they pay higher taxes, such as free market economy supports, and likewise for less established societies despite support of democratic government. promiscuous market is a powerful influence that motivates entr epreneurs and enterprising people to work harder and perform more. Elimination of free market would backfire through the channel of democratic approach.Question 5The question of whether the two plainly contradictory positions of Marxs argument about labor and freedom is a question of ends. Working for economic ends has evermore been a commonplace since the advent of industrial capitalism. The European work ethic