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Many believe that capitalism or free market economy is the only way to develop societies. What...

Many believe that capitalism or free market economy is the only way to develop societies. What happens when free market economy fails to address or take care of individual or social needs? Using examples from your readings, demonstrate how this problem has been dealt with in US history.

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Answer #1

When in the case of free economy, market fails to address or take care of individual or social needs, then government has to intervene. Government intervention involves government providing basic needs to the society when free market economy is unable to cover those needs. During the time of World War II, it became difficult for the economy to satisfy even the basic needs to the society, then government intervention took place in the free market economy which helped in provisioning of basic needs to the society like food, shelter and cloting especially to the people living below the poverty line. Thus, when capitalism or free market economy fails to develop societies, then government intervenes to provide these basic services.

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