America began its national economic system as free market capitalism – and quickly became a dominant economic force in the world. One of the first legislative acts of the United States Congress was to institute the patent office, which helped associate technology with intellectual property – and enabled the rise of the entrepreneur! Now, various interests are trying to place limits on America’s free market.
Israel began its national economic existence with free market conditions but heavily regulated.. and with a powerful national labor union. Over the past three decades, though, some sectors in Israel have boomed – in part with deregulation and in part with government involvement. And Israel ranks second to the United States in companies registered on the NASDAQ.
What works to keep an economy rolling and healthy; and what doesn’t? Reply with your comments below!
Also, check out the Two Israels blog!