Week 13 Response : The myth of the robber barons

in Gradnium Discussion3 years ago

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https://www.innovationfiles.org/wp-content/uploads/2012/06/big-business-264x250.

What has been proven throughout history in the form of trail and error, is that for business to truly thrive, government needs to mess with it as little as possible. Both examples explained by Dr. Burt Folsom expose the fundamental issues that occur when big businesses start to rely on government subsidies in order to have success. These issues end up creating the opposite effect then what was intended and makes both the business and government seem incapable of providing the public with the services or benefits of booming economy that was intended.
When the Founding Fathers created their idea for what business should look like, it was modeled after their idea for what every other aspect of American life should look like: freedom. Yet when the government starts picking favorites to succeed, it destroys this freedom in business. The best way, which has been proven by practice throughout history, it to simply remove government subsidies from practice and allow the power to go to the intelligent and diligent entrepreneur and not the politician who can lobby Congress for more money.
Not only would this create a more natural expectation of profits in the business and economy, it would also remove the unfair obstacles that would be put in place of the competitors of a government backed business, which destroys the American dream that anyone can succeed. Like Dr.Folsom mentioned in his talk, the fate of the American economy falls on the shoulders of the American entrepreneur, not the government, and policy and practice should reflect this. Give the entrepreneurs the grounds to compete and the economy and masses will both benefit from lower prices, better products, and higher GDP.