1) American capitalism is not pure capitalism; it has become a "mixed" economy, largely because of...

1) American capitalism is not pure capitalism; it has become a "mixed" economy, largely because of defects or failures in the market system that Adam Smith did not foresee. What are these defects or failures that Smith didn't foresee? Discuss.

2)Income inequality in most European countries is smaller than it is in the US. Given all of the approaches and strategies available to the US (and to Europe) for improving income distribution, why do you think this is so?

Expert Solution

Rahul Sunny answered 1 year ago

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