3 DRH Capitalism Vs Free Market FAQs

Capitalism vs Free Market FAQs
• Instructions
1. Translate the following texts.
2. Make sure that while your translation
accurately reflects the meaning of the ST, it
communicates it in the most natural forms of
the TL.
3. Write a brief commentary on the translation
problems you faced and your translation
decisions in one paragraph (in the language of
the ST). Provide as many examples justifying
your translation decisions as possible.
1
• What Does Free Market Capitalism Mean?
• Any economy is capitalist as long as private individuals
control the factors of production. A purely capitalist
economy is also a free market economy, meaning the
law of supply and demand, rather than a central
government, regulates production, labor, and the
marketplace. Companies sell goods and services at the
highest price consumers are willing to pay while workers
earn the highest wages companies are willing to pay for
their services. The profit motive drives all commerce and
forces businesses to operate as efficiently as possible to
avoid losing market share to competitors.
2
• So, free market capitalism is an economic
system that maximizes supply-and-demand
forces—prices, costs, and wages are self-
regulated by participants in the market
(buyers, sellers, producers, laborers)—and
minimizes government oversight, regulation,
and intervention.
3
• The opposite of a free market economy is a
planned, controlled, or command economy.
The government controls the means of
production and the distribution of wealth,
dictating the prices of goods and services and
the wages workers receive.
4
• Can You Have a Free Market Without
Capitalism?
• Yes, a free market can exist without capitalism.
It can exist under socialism, as long as there is
an absence of coerced (forced) transactions or
conditions on transactions, or in other sorts of
communal/mutualistic societies, such as those
that Native American tribes had.
5
• That said, most free markets tend to coincide
with countries and societies that value private
property and capitalism and shy away from
state ownership and regulations. Free markets
are more likely to grow and thrive in a system
where property rights are well protected and
individuals have an incentive to invest,
acquire, build, and pursue profits.
6
• What Is a Capitalist Economy Example?

• New Zealand is a prime example of a capitalist
economy. This wealthy country in the Asian Pacific
region has systemically deregulated and privatized
many industrial and professional sectors since the
1980s. Its judicial system recognizes and enforces
private property interests and contracts. Government
subsidies are low, and an open, liberal attitude to global
trade and investment is well-established. Tariffs are low
on the imports and exports, which comprise around
50% of New Zealand's GDP.
7
• Is the U.S. a Free Market?

• Yes, the U.S. is largely—but not completely—a free
market. Although it is primarily capitalistic—that is,
private ownership of property and production
predominates—and the laws of supply and demand
largely rule the economy, it has some socialistic
elements: The government does play a role in
economic affairs and financial policies.
• The U.S., strictly speaking, is considered to have
a mixed economy: Some aspects of it are free and
unfettered, while others are state-controlled or highly
regulated.
8
• Is Free Market Capitalism Good?

• Whether free-market capitalism is good or
bad has long been a source of debate, dating
back to the mid-1800s, when capitalism began
to flourish in developed nations—along with
criticisms of it by proponents of alternative
systems, like communism.
9
• Advocates of free-market capitalism argue

that private ownership and open, unregulated
exchange of goods and services is the fairest
and most efficient path to economic growth
and progress. Nothing can replace the
motivational power of personal incentives,
individual freedom, and open competition,
they say.
10
• Critics counter that free-market capitalism

promotes inequality, concentrating and
keeping power in the hands of a minority, who
then exploit the majority. It prioritizes
individual profit above society's well-being,
dividing people into "haves" and "have-nots."
11
• Proponents note that many of the most
prosperous and advanced countries in the
world practice free-market capitalism, making
them a model for developing nations. But
skeptics note these systems aren't always pure
—they possess strong socialist characteristics
and elements of controlled economies as well.
12
• For example, one could argue that the U.S.—

widely seen as one of the avatars of a free
market capitalist system—achieved its 20th-
century heights of power and prosperity only
after the expansion of government controls,
social programs, and oversight/intervention
agencies via the New Deal of the 1930s and
the Great Society of the 1960s.

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Capitalism vs Free Market FAQs

• What Is a Capitalist Economy Example?

• Is the U.S. a Free Market?

• Is Free Market Capitalism Good?

• Advocates of free-market capitalism argue

• Critics counter that free-market capitalism

• For example, one could argue that the U.S.—

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