• Card 6 / 100: Is the sketch of a pure market economy a realistic depiction of the United States?

    Answer:
    Not at all! Historically, the United States was the closest to a large, pure capitalist economy the world has ever known, but the U.S. federal government has grown steadily since its birth. Even though many people consider the United States in the early 21st century to be an illustration of the operation of capitalism, in our terminology it is most definitely a mixed economy.

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Capitalism: The Market Economy

Access: Public Peer Review

Attribution:  Dr. Robert P. Murphy, Lessons for the Young Economist. (Mises Institute), http://mises.org/document/6215/Lessons-for-the-Young-Economist (Accessed 04 April, 2014). License: Creative Commons BY
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