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Why United States of America is considered a capitalist country

University: Anglia Ruskin Unversity

Code: MOD005248

Question:

1.  Explain why the United States of America is considered a capitalist country.

2.  Explain what the terms ‘left wing’ and ‘right wing’ refer to. Describe the concept and give real examples of political parties or organisations that can be considered to be left wing and right wing.  

3.  Explain three areas of a business’s functioning that are affected by politics and government in 2017.  

4.  Is competition good or bad for a business? Explain why.

5.  People in the UK are living longer because of better medical care. Explain some of the issues that the UK will face due to an aging population.

6.  Explain some of the possible reasons for pay discrepancies between male and female employees in 2017.

7.  Explain what is meant when scientists talk about Climate Change.

8.  Explain what is meant by the term ‘fracking,’ and suggest why some people are concerned about it.  

9.  What are the potential impacts for UK business from Britain leaving the EU.

10.  Explain what are the potential impacts for UK business from a reduction in immigration from outside the EU?


Answer

 Explain why the United States of America is considered a capitalist country. 

Economic system of a country represents a nation’s political ideals and culture and it is determined through how different elements are organized. These elements like natural resources, labor and technology are brought together by entrepreneurs and managers in order to produce and distribute goods and services. ‘Capitalist economy” as per the connotation of 19th century German economist and social theorist Karl Marx describes a system which is consisted of small group of people who dominate and control a large amount of capital and enjoy the power to take the most important economic decisions (Gilpin, 2016). Capitalist economies are directly contrasted with the socialist economies which is more dominant in the political system. Although America’s economic system fulfils the definition of capitalism but it is not a free market capitalism. Rather than it is a mixed market capitalism which indicates a hybrid of corporate, social, state, free- market, crony, mercantile, necon capitalism.


America’s economic system is considered capitalist because of its primary dependence on the private ownership of the means of production. It is considered to be a hybrid form as it has adopted the taxation, subsidization and regulation to different degrees and interests (Gilpin, 2016). The trade and the industry of the country are majorly controlled by private owners rather than by the state. The characteristics that are central to capitalism include private property, wage labor, capital accumulation, voluntary exchange, a specific price system and competitive markets. In America noticeably the decisions associated with market economy and investments are determined by the owners of the factors of production. America is not a capitalist country by its constitution but its practice employs a quasi-capitalist economic system.


 Explain what the terms ‘left wing’ and ‘right wing’ refer to. Describe the concept and give real examples of political parties or organisations that can be considered to be left wing and right wing.

Left wing and right wing refer to two opposing political beliefs that classify the political positions based on the ideologies of the parties.

Left wing: in general the left wing political belief is associated with ideas like equality, rights for all, fraternity, reform, progress and internationalism (Streeck, 2014). As per the political analysts the left includes communists, democratic socialists, socialists, anarchists, social liberals, left libertarians and progressives. Left wing politics have also associated with movements like racial equality and trade unionism.


Right wing: The right wing politics is characterized by the notions of authority, order, hierarchy, tradition, reaction, duty and nationalism (Streeck, 2014). According to the political scientists and analysts the right wing includes conservatives, neoconservatives, right-libertarians, christian democrats, monarchists, imperialists, reactionaries, fascists, monarchists and traditionalists.


People in the UK are living longer because of better medical care. Explain some of the issues that the UK will face due to an aging population. 

In the advent of advanced medical care the aging population has increased rapidly in UK. Britain's rapidly growing aging population has its own potential impact of the social services of the counter. As per the parliamentary enquiry there is no proper plan implemented in order to cope with the dramatic increase of the aging population. Because of the emerging issue the government requires to revise their plans and policies accordingly.

  • As it has majorly impacted every aspect of public life there need to have an agreement on the values and the visions of the government in order to support the people to live independently. It requires significant changes in the services and systems.
  • One of the professors of gerontology at Oxford university mentioned there are about 8 million people in UK are to live over 100 years and the people aged over 65 perhaps, will grow by 51% in the two decades (Bloom et al, 2015). It means that the older people of the country can possibly face the complicated medical issues the government requires to focus on dementia and also it is important to change the social care funding.
  • Government also needs to change some of the state and existing pension policies. Policies like private pension can be helpful to encourage people to save for old age.
  • The issue also has its own impact on the population growth of the country. Because of the increased population rate more elderly people would like to be involved into work (Bloom et al, 2015). It means that the employment of the youth can be at stake due to limited employment.
  • It is important to think about the required demographic changes in order to cope with the issue and public service reform on health, housing, care, income and age equality issues need to be delivered effectively.


Explain some of the possible reasons for pay discrepancies between male and female employees in 2017.

The gender based wage gap does not entirely depend on the choices of working fewer hours as mentioned by some of the experts. Gender wage gap is more than just personal choice and it is far more complicated. More than 40% of the gender wage gap has remained unexplained which indicates that there is no measurable reason behind such gap and which means that it can be the outcome of overt sexism and gender based discrimination (Mihaila, 2016). Another reason can be the reluctance among women to negotiate for higher pay. The discrepancies also depends on the profession as per the statistics, scientists do not have a large wage gap but the lawyers have. Gender differences in work commitment or negotiating skilled along with a variety of unmeasured factors can be the reason behind the story of unequal pay. As per the data women make 20 percent less per hour than their male counterparts (Oaxaca, 2015). Gender differences in the workplace experience and inability work on odd hours along with the differences in occupation and industries are the major reasons behind the pay discrepancies between the male and female employees in 2017.

 

Explain what is meant by the term ‘fracking,’ and suggest why some people are concerned about it.

Fracking or hydraulic fracturing suggests a type of drilling which has been used for almost 65 years on commercial purpose. Both advanced hydraulic fracturing and horizontal drilling are responsible factors for surging U.S oil and natural gas production (Jackson, et al, 2014). Through fracking it is possible to accommodate a number of wells a single surface site.


Fracking considered the primary reason behind America’s energy revolution in recent years. It has changed the picture of U.s energy from paucity to abundance. Fracking has enabled U.S to acquire tap vast oil and natural gas reserves which were previously locked away in tight rock formations and shale. As per the reports, up to 95% of the natural gas wells which are to be drilled in the next decade will need fracking (Jackson, et al, 2014). This type of drilling is important because it is also useful for stimulating new production from the older wells.


The major concern which is associated with fracking is because of its effect on U.S economy. Because of the shale and fracking it is possible for U.S to become the leading oil producer as far as the natural gas is concerned U.S is already the leading natural gas producer in the world. Hydraulic fracturing implies that U.S gas productions are to be increased 56% by the end of 2040 with natural gas from shale which is the leading contributor. The shale gas share of U.S can be increased approximately 53% in 2040 from 2012 as per the projection of EIA (Boudet et al, 2014). As fracking has served as the major engine instrumental for the energy revolution of America, it has become the reason of concern.


What are the potential impacts for UK business from Britain leaving the EU

Brexit or Britain’s decision to leave EU can change Britain’s position as one of the best countries to start a new business. There are campaigners who have optimistic predictions associated with Brexit regarding the country’s business. Although, many skeptics have suggested that it can have an adverse effect over Britain’s economy (Dhingra et al, 2016). Brexit can be impacted severely by multiple factors. As the free trade between EU and Britain no longer exists the cost of the business supplies has hiked up. Brexit has both positive and negative impact over the business activities of UK. 


Negative impact:

  • As per the financial experts leaving the EU can hit the export of UK business. UK businesses have to decrease the prices and decreasing the prices can cause low profits to the businesses.
  • UK business can lose access to the single markets. If EU chooses to change their policies after Brexit, it can possibly mean that UK will lose the existing single market.
  • Leaving EU can have an adverse effect on the employment and labor. As per the reports of Oxford Economics UK’s exports would supposedly lowered by 8.8% (Dhingra et al, 2016).
  • Brexit also suggests possible reduction of foreign investment. As a result of Brexit because of higher tariffs and trade costs can possibly reduce the foreign investments in UK. UK being a single market has been the attraction of the foreign investors because they did not have to face the high cost barriers and could easily export to other EU countries.


Benefits to UK business

  • The decision of leaving EU can save the UK government from supplementing to the EU budget every year.
  • As per the results of voting to leave EU the UK will not have to comply according to EU regulations and UK will not be obliged as the membership cost and the money can be used in the growth of the country (Dhingra et al, 2016).


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