American Economic Model and Its Definition

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Table of Contents

Introduction
American economic model as a success
Criticisms about the American model
Remedies to the American meritocracy problems
Conclusion

Introduction

The American economic model is one of the unique things that make America different from the other countries. It offers equal access to opportunity and ascension in economic circles while at the same time ensuring that competition and capitalism thrive. This essay will look into whether the American model is as success, criticisms and the remedy to the problems with the American meritocracy as argued by the author.

American economic model as a success

The model is a success which many countries are trying to emulate due to the high growth rate which ensures unemployment is kept at low levels. The fast growth, technological advancements and globalization has ensured high profits for American companies. The model has also united Americans and made them appreciate their country despite the challenges that came with the liberalization of the markets.

Criticisms about the American model

About three quarters of the Americans are skeptical about their economy owing to the discrepancies between profits and wages. America has been criticized for not taking care of its poor citizens as witnessed in Katrina where families were uprooted from shanty homes. Non Americans treat globalization with suspicion due to its defectiveness. Their argument is reinforced by some factors evident in America. Inequality, immigration and meritocracy have taken centre stage during debate in the American economic model. Inequality has seen the rich become richer while the poor continue being poorer. The America’s rich have started reaping fruits of global markets investments but fail to observe the trickle down effect thus resulting in low pays for employees and huge profits for the billionaires. The low income Americans fear that immigration will lead to plummeting of wages and salaries.

According to the writer, the criticisms against the model are unjustified. The writer argues that inequality is not bad if there is an overall benefit to the society, mechanisms of uplifting the poor and opportunity for everyone to empower themselves economically regardless of demographic factors. This dynamism is what makes the American model tickle when compared to other countries. The writer also notes that immigration has not been linked with any economic loss to the poor Americans. However, the criticism may be warranted, to some extent, considering the lopsided education system that favors the rich children. The poor Americans, who form a quarter of the population, contribute only 3% of students in the top brass colleges. This is directly opposite to what happens in European countries where every child has an almost equal chance to make it in life.

Remedies to the American meritocracy problems

The government should improve the lives of the poor by ensuring the access to quality education through the community colleges and reforms in the system. Embarking on creation of a welfare system that encourages development in all areas, health care and public pension reforms would alleviate the problems. A radical reformist agenda need to be put in place to address these problems once and for all.

Conclusion

The American economic model has spurred growth in economy and globalization thus creating opportunities for American citizens. However, inequality and meritocracy have proved to be its main shortcomings. Unless these problems are addressed, the model will continue receiving criticisms from other countries.

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American Economic Model and Its Definition

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