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Philosophical approches to American Enterprise, Philosophy of American…

- - - - Ranking available choices
    - - Collect information ➡️ Markets
    - - Benefits foregone = Opportunity Cost
    - - -ISMs
        
        Individualism - Highly diversified
        
        Rooted in human mind / Part of human evolution / Generic makeup / "No two individuals are the same'
        
        1800 : Frank Arbentano, Edmund Hussel - Subjective Understanding (explained through objects)
        
        Object : the nature of object, the sequence, physical/ intellectual perspective
        
        Conclude subjective understanding - constantly changing
        
        Diversity + Variety
        
        Individuals cannot lend decision making to another party
        
        Critiques : Individual decisions are ungovernable, society leads to anarchy - However individuals can train for mutual advantage
        
        GOVERNMENT : to protect people, prevent aggression
        
        Govt. should not interfere with individuals making choices about production, consumption and exchange
        
        Provide support for central intervention
        
        Unanimous consent
        
        Decision making needs fast action
        
        Need to have a mechanism in place
        
        Jeremey Benthem Principles : Individuals express their choices in some units - UTILTS, Making choices fully informed, Honesty and correct depiction of the preference
        
        Those that with highest utility are chosen - Majority rule / democratic process
        
        Challenges : Time taken to accumulate information, what about those who loose out, take care of minority in US
        
        Bill of Rights : Minimum level of rights for every citizen (For Sri Lankans - Fundamental Rights)
        
        Utilitarianism
        
        Collectivism - Standardised
        
        Karl Marx : Value derived from labor embodied / labor must be compensated fully.
        
        Issue : Production is not owned by people - its owned by non-labor
        
        Capitalism - minority/Capitalist classs
        
        Production : Land, Labor, Capital
        
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      - Economies & Choices
        
        Individualism : Uniqueness
        
        Utilitarianism : Human Intrinsic Nature (Avoid Pain - Seek Pleasure) - Maximise Utility, Societal Worth "UTILIT"
        
        Collectivism : Decision making should be for the good
- - - - US controls in 20th century - heavy infrastructure (Private ➡️ resource based, unfair competition on resources)
- - - - Controls - Recession 🔽
    - - Peace (UN)
      - Trade (ITO ➡️ GATT ➡️ WTO)
      - Finance (IMF)
      - Reconstruction & Development (IBRD / World Bank)