Question

How does a free enterprise system (characterized by private property, rule of law, free prices and competition) affect the moral and economic development of individuals in society?

Answer 1

Answer) Following are the ways in which free enterprise system affect the moral and economic development of individuals in society

1. Competitive spirit-Such a system leads to increase in competitive spirit as reward is there,people work harder to acquire more.
2. Discourage free-ridership-Free ridership or relying on someone else's efforts as rewards are distributed does not take place in such a system.
3. Less social time-Individuals especially young people dwell more on work to progress and in process at times have less of a social life.
4. More creative ideas/entrpreanurship-As more onus will be on free market,more and more people will develop the ability to come up with innovative ideas that can reward them substantially,so individual will start thinking in this way..

To summarize,such system will lead to economic development of individual in terms of more onus on both smart and hard work as well as less relaince on others,in terms of moral development,it will lead to less time,less distinction between ethical and unethical.

Answer is complete.Thank you!