Unleashing Capitalism- Book Project
We begin by emphasizing the need for economical growth in West Virginia and outline the benefits of small differences over generations. This introductory chapter shows how West Virginia has ranked compared to other states by average income in 2005 and in previous years. Economic principles such as the Rule of 70 are explained to provide deeper understanding and several comparisons are made between West Virginia and other states are made in regards to healthcare, economic growth, divorce, crime, and education. These many comparisons are made to show that our state isn’t only lagging behind financially but in other aspects as well. It is also made clear that the problem is not resources or location but rather the policies set in place.
We continue to strengthen the case for economic reform in West Virginia in the second chapter of this book. We are given the “key ingredients” of economic freedom and capitalism, and shown that to promote this capitalism government must do some things but abstain from doing others. One of the causes our states economic shortcomings is our reliance on government control of the economy and lack of reliance capitalism. More reliance on capitalism will mean higher income levels, as well as faster and more even growth across the different income levels. Once again comparisons between other states and countries are made to reinforce the effects that these reforms could have on West Virginia’s prosperity.
Introductions into the world of economics continue as more principles are explored to give us better understanding of how they can be and are applied to everyday life and business. We are told a couple of ways to increase the wealth created are increasing quantity, quality, and value of goods and services as well as increasing the number of voluntary exchanges we make. To help achieve this goal we need lower taxes and regulations. We also learn that...