Before I get to answering the topic of this essay, I should state what free market and welfare state means, for those that don’t know.
Free market is an economic system based on supply and demand with little or no government control. This means that sellers can decide by what they sell, to whom they sell, by where they sell, when they sell, and how they sell. Sellers also are free to put the pricing of their choice according to the production. Same rule applies for the buyers.
The Welfare State is a state that is committed to providing basic economic security for its citizens by protecting them from market risks associated with old age, unemployment, accidents, and sickness. The main advantages of a welfare state are that ‘it ensures a greater level of equality among its citizens and prevents unnecessary hardship’. The provision of a social support network protects people from disease, starvation and overall misery. It allows everyone to live on a more equal level.
Going back to today’s topic of “Which promotes greater personal responsibility, the free market or the welfare state?” My opinion on this is that free market to me sounds like a greater personal responsibility. Why do I think so? Well, it’s because in the free market, if there is little to no government control in terms of how you control your business, then its your responsibility to know where you get your supplies from, to whom you are paying/remembering to pay to all those whom need to be paid. Knowing how exactly you will control your business.
Getting all of those priorities straight and theres no government telling you how to do certain things, which would make things slightly easier for some. Based on these observations, I can conclude that the free market promotes greater personal responsibility than the Welfare State.
Thanks for reading this essay. I hope you liked it or learned something new from it. Ill be posting more soon and as always have a great rest of your day! Also happy New Years to you all!!!
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