The Great Depression was caused by a failure of the free market and was resolved by government intervention. MYTH

The free market fell because the government intervened too much. When the government intervened to help fix the problems it created even bigger problems. In the free market was affected when the taxes and interest rates went down so many went in to debt and then the rates and taxes went up causing the people not to have money. The stock market was running on borrowed money and the interest going up so no one could borrow money. So people went selling stocks and the price continually dropping. The government was also getting rid of the gold standard so the worth of the dollar had decreased so much and so the cost of everything cost so much.

The employment rate was so low the government had created jobs for people across the country, which helped slightly. The government had underestimated the impact of playing with the free market would do to the economy. The jobs the government provided were jobs that were paid for by charities because poor Hoover did not want to use government money to help the people got on their feet.

Another poor decision that the government made was to make bank units because when one of the banks in the unit went bankrupt so do the others. This bank failure had cast citizens their life savings because no insurance was on the money of the people and because the banks had loaned all the money and were not repaid the went under.

charter city essay

If I were to create my own city there would many beautiful scenes, many opportunities to be creative and create something worth creating. This city would be named after the nearest mountain. The citizens would have the right of property; would be able to participate in free trade, and participate in markets; and they would be able to have the privilege of having the freedom of the press. Being in authority I would allow the citizens these rights and the privileges to create economic growth in the community.

Allowing the citizens to have the right of property would be the most important “key institution to the establishment of a free market economy.”(Johnson, Ryan) The right of property is a key part because by allowing the people have the opportunity to own whatever they wanted would lead to the other key institutions. Having the right of property allows the people to pursue happiness, whatever they may find to make them happy. By allowing men to own things allows them to have agency to have each spend or use their property as their heart may desire. By having the right to property allows men to work in self interest, by working in self interest allows many different types of companies and employments come alive.

When the right of property is respected it allows a free market and trade to form. The citizens myown that property they have the ability to trade the object with a service or another object in return. By allowing people to work for property allows them to spend the property on whatever they desire, whether they desire to spend their property on food or on useless object, or to create some new technology where they would be able to earn more property and improve the wellbeing of others.

By allowing all men and women the right to property would also allow them to form a newspaper or another form of news on any media. By allowing a freedom of press allows individuals to use their property and resources to act in self interest. Allowing individuals to act in self interest may form a form of news. A freedom of press allows all individual can see what others self interest has influenced them to do. Through freedom of press many act in self interest by filling the news what they and the community have interest in.

In a community that wishes to have a free market economy the key institutions would be to allow all people the right to property, free trade and market, and to allow freedom of press. By allowing these institutions it has given men the resources to pursue happiness by acting in self interest. In acting in self interest thousands of people would help create something very simple like a pencil and many other things around the world and the community.