Capitalism and Freedom

Subject: Consumer Behavior

Paper Model: APA

Paper Type: Research Paper

Total Words: 1471

Document Outline

The pure capitalist or classical capitalist model, which was a byproduct of Industrial Revolution, was closed economic model, in which government had a very limited role.


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The pure capitalist or classical capitalist model, which was a byproduct of Industrial Revolution, was closed economic model, in which government had a very limited role. As per classical economists, market and economy must function through demand and supply mechanism. They believed that laissez faire economy, brought into equilibrium by Hidden Hand, truly reflects the existing demand and supply in an economy. The government intervention disturbs this natural balance or symmetry, which can cause not only economic, but also political and social challenges. Therefore, to avoid such catastrophes, the role of the government should be limited and markets, in an economy, should be allowed to interact to yield economic or corporate results. In addition to this core idea, classical economists believed in no Fiscal instrument and they only allow monetary instrument to regulate economy. Furthermore, the classical economic models or pure economic models were closed models; these models discouraged trade and asserted that supply curve is vertical.

Before the discussion of events, which forced massive alterations in classical economic model, it is imperative to understand role of monetary policy, in regulating an economic system and as a mean to realize objectives.

Monetary instrument is used be central bank to expand or shrink the money supply. This expansion and contraction, of money supply, immensely affects economic and corporate system. Therefore, it is used by central bank to regulate economic system, so that macro-economic objectives can be realized.

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