The role of government regulation in American free enterprise

U.S. Free Enterprise

The American business paradigm of free enterprise is based upon the basic freedom of Americans to buy and sell as they choose, and the right to conduct business with their private property. As such, business people have the freedom to choose the type of business they want to be involved in. Individuals, families, or groups are allowed to own private property, a home, a car, or any other private commodity. This is distinguished from public property such as the city hall or a park - entailing a government service to citizens. In a free enterprise system, the business person has a right to pursue profit and concomitantly create competition in the marketplace. Consumer sovereignty then is the final determinant for the success or failure of the business.

The government has often been criticized for its role in free enterprise businesses. The very definition of free enterprise indeed entails that the business paradigm should be free from such interference. However, it has also been played a valuable role in terms of regulation to prevent monopolizing practices.

2. The Federal Government benefits the public in several ways. Through regulation, it provides the country with a stable economy. By means of this, Federal programs such as retirement and medical funds help citizens to live secure and worry-free lives. It also provides the public with educational institutions to help with the pursuit of gainful employment. The education paradigm also includes rights and freedoms for citizens who wish to pursue any type of self-improvement.