Blog Monday, January 27, 2020
In the past few days of class, we have been focusing on economic liberalism. The three main learning objectives that we have been focusing on are defining economic liberalism, identifying the characteristics of capitalism, and comparing capitalism to other economic systems. All these objectives fall under the basic views of economic liberalism. We also talked about how different countries fall under the general idea of economic liberalism. We also talked about tax and how different states have different tax percentages and how those percentages affect the government and the people that are paying the taxes.
For example, we talked about how in Maryland we pay six percent sales tax and still have to pay for health care and things like that. However, in other countries, they would pay a higher sales tax and not have to pay for health care or college. The government would cover those expenses because of the higher percentage of sales tax. I feel like in this type of economy this would work better because the higher the sales tax the more products will be manufactured and people will not have to worry about health care and paying for college.
For example, we talked about how in Maryland we pay six percent sales tax and still have to pay for health care and things like that. However, in other countries, they would pay a higher sales tax and not have to pay for health care or college. The government would cover those expenses because of the higher percentage of sales tax. I feel like in this type of economy this would work better because the higher the sales tax the more products will be manufactured and people will not have to worry about health care and paying for college.
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