Barack Obama capitalist values communist values economy. finance ensuring economic growth global recession maintaining a capitalist economy maintaining economic growth News, information, issues, discussions, solutions. News, information, issues, discussions, solutions. people politics relationships taking individual responisbility for the economy the recovery fron global recession understanding the global recession US citizens

Taking Individual Responsibility for the Economy

Given the recent reports concerning proposed economic prosperity for 2011, it was logical that Barack Obama would cite the literature in his weekly address to the US. He identified the positive trends that have been established in job creation and reduced levels of unemployment, and suggested that these figures herald the beginning of a brighter year ahead for the country. His speech was an exercise in accentuating the positive, and an attempt to capitalize on the growing optimism in US society.
Although these reports suggested a level of economic growth that was underwhelming when compared with economists predictions at the close of 2010, there was still clear progression and improvement in the fiscal circumstances. Unemployment dropped from 9.8 to 9.4 percent throughout the last month of 2010, and although it has been suggested that this is due chiefly to the fact that many stopped looking for work during the festive period, the government is keen to assert that this is a portent of things to come.

The Wider Picture for the Growth of the US Economy
ย It is widely known that the condition of the US economy in 2012 could well be the deciding factor in Barack Obama’s prospects for a second term in office. It is all too apparent that a large and disproportionate amount of responsibility for the economy falls on the shoulders of the president and his representatives, which is especially concerning given the size and capitalist nature of the country. It is arguable that the responsibility for such a diverse economy should be more equally spread, with businesses and individuals being encouraged to take control of their own financial health and well being.

Capitalism is the foundation of the US economy and market, and has been for generations. Capitalism is a evocation of private ownership and entrepreneurship, where wealth is distributed according to status and attainment and those with aspiration can achieve anything that they desire. In an economy that is largely supported by capitalist values, there are likely to be enhanced extremities of wealth and poverty, with the result being that a government has a duty to protect the more vulnerable members of society. To work effectively however, business owners and those that they employ also have a responsibility to assist the government with responsible spending and financial management.

The importance of the US as a world economy and therefore its influential figures is epitomized by the global recession of 2007. As organizations failed to heed the worrying portents in the US economy prior to this date, the subsequent collapse of the US housing market reduced the values of all affiliated securities, creating a global impact on economies worldwide. The consequences are well publicised, and many industry experts suggested that investors and financial lending bodies gravely misread the risk involved with mortgages and mortgage related services. Of course, this sudden economic decline prompted governments to respond with rescue packages that came at the cost of the individual tax payer.

Understanding Roles within a Healthy Economy
ย In order to understand the risks affiliated with expansive and capitalist economies, governments based on communist principles act as a useful comparison. Communism is interested with an equally proportioned wealth distribution, leading to a society without class distinctions that is supported by its members who labor to produce mechanical and agricultural produce. The shared nature of wealth and responsibility means that while countries governed by communist values are not prone to excess wealth or prosperity, they are also less likely to incur instances of poverty and those seeking welfare and financial assistance.

While it is ridiculous to suggest that the US should adopt communist values, the example acts as a good model with which to understand differences and areas of concern. In a communist society everyone understands their roles and the overall aspiration of a nation and economy, whereas the lines of responsibility are less well defined in capitalist countries. This is where issues occur, and it is important for a government to encourage individual responsibility with regards to their own role in assisting a generative and well founded economy.

The UK Prime Minister of the 1980’s, Maggie Thatcher, preached the values of financial independence in society. The argument is an excellent study in business and workforce members taking control of their own finances and conduct to contribute to a prosperous economy, and suggested that if each individual, family and business owner took responsibility for every aspect of their financial well being and education, then the overall concepts of society and economy take care of themselves. This ethos still allows the development of wealth and aspiration, but also reduces the burden on governments and helps to define the role of contributors within a society.

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Navaid I. Syed is the owner and CEO of / ExcitingAds! Inc. He is a medical doctor and was born in Mirpurkhas, Sind, Pakistan, on July 31, 1964. He graduated from Liaquat University of Medical and Health Sciences, Jamshoro, Sind, Pakistan, in 1990. He is Educational Commission for Foreign Medical Graduates, Philadelphia, PA, USA, certified.

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