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Word Count: 955
The primary purpose of the economic activity is to benefit consumer while maximizing wealth creation while the distribution of that wealth is of secondary importance 1 US economy is approaching Neoclassical model in which individuals are assumed to maximize their own private interest and business enterprise are expected to maximize profits which result in a powerful proconsumption bias and insensitivity to the social welfare impact of economic activities - market are competitive and competition should be promoted through antitrust and other policies - almost any economic activity is permitted - economy is open to the outside world 2 US economy also considered as a system of managerial capitalism The economy was transformed from a proprietary capitalism to one dominated by large oligopolistic corporations Economic role of the state 1 Authority over the economy is alienated among the executive legislative and judicial branches of the federal government and between the federal government and the fifty states for example the responsibility of financial system is shared by the Treasury the federal reserve and several other powerful and independent federal agencies which strongly affected by actions of the legislative and judicial branches of the government In addition the fifty states contest the authority of the federal government over economic policy and implement important policies of their own 2 Another influence of the American state in the economy is the tension between private and public sector Not only does the adversarial relationship between gov and business in the US make cooperation very difficult but their mutual suspicions are reflected in American politics Whereas political conservative reject any strong role for the state in the economy political liberals are fearful that private business interest will capture government program in order to feather their own nest which consequently will produce political stalemate 3 The fragmented structure of the American government allow the private sector to challenge government actions 4 The responsibility of macroeconomic policy has been
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