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Role of Government

In: Business and Management

Submitted By dozier
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Different perspectives and interpretations of history will always bring about contrasting views on how something should work. The government’s role within a capitalist economy is debated by Milton Friedman and Mark Martinez, who each have different ideas on the level of involvement the government should play within this type of economy. Friedman believes the government’s role in a capitalist economy should be limited to the point of only acting as an “umpire” to the market (1970). Martinez, on the other hand, maintains that the essence of a capitalist economy is derived from the government’s active participation with the market (2009).
In Milton Friedman’s Capitalism and Freedom, he outlines that the government’s responsibility in a capitalist economy should be limited to protecting our freedom from both an international and domestic standpoint, to maintain law and order, to uphold private contracts, and to look after competitive markets (1970). The Marxist view, given by Howard Sherman in Reclaiming Evolution, says “a pure market capitalist system means that you can buy anything, so there would be no limits on political spending” (2000:94). Friedman’s view on the government’s role understands the need for some government regulation to avoid things like limitless spending, but would have any intervention contain a meaningful purpose and a swift conclusion. Under the classical liberalism perception any additional government involvement or regulations, other than what is outlined above, would result in decreased freedom for the citizens of the capitalist society. Reducing a citizen’s freedom undermines the foundation of a capitalist society. The concept of limiting the government’s abilities will therefore ensure the political and economic freedom a citizen within this type of economy has right to.
In addition to imposing limitations on what the government can do,…...

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