BUKU JAWABAN TUGAS MATA KULIAH

TUGAS 3

Nama Mahasiswa : ANGGI SIGIT PRAYOGO

Nomor Induk Mahasiswa/ NIM : 042954923

Kode/Nama Mata Kuliah : ADBI4201 / BAHASA INGGRIS NIAGA

Kode/Nama UPBJJ : UPBJJ-UT SEMARANG

Masa Ujian : 2022/23.1 (2022.2)

KEMENTERIAN PENDIDIKAN DAN KEBUDAYAAN

UNIVERSITAS TERBUKA
 TUGAS 3 BAHASA INGGRIS NIAGA

Laissez-Faire policies should be implemented to boost economic growth

Laissez faire, loosely translated from the French, means "to leave alone." It refers to the
economic system we more commonly call "the free market," "private enterprise," or
"capitalism." I happen to be personally an advocate of laissez faire, so I think I can give you a
fair and accurate description of it and why it works, as opposed to a hostile or biased perspective.

The economic system of laissez faire has several elements: 1) respect for private property; 2)
freedom to start and own a business; 3) free markets in trade (that is, no government price
controls or excessive intervention); and a government limited to a "nightwatchman" function,
which means essentially making sure through its police and courts that contracts are not broken,
disputes are peaceably settled, everyone's rights are upheld, and that society is defended against
lawbreakers internally and aggressive enemies from abroad.
Laissez faire works best for economic growth because it provides individuals with the greatest
incentive to create wealth. Under laissez-faire capitalism, you cannot wrap a robe around you,
put a crown on your head, and demand that people give you money. That's what kings and
queens do. Instead, under laissez faire, if you want to get rich, you have to be inventive or
innovative; you have to produce a product that people want and can afford; you have to be better
and quicker than others at serving customers if you want to earn the most. Because you can't
make money in laissez faire if, for example, you cheat customers, steal from your workers, or
produce a shoddy product, it promotes excellence. Of course, there are plenty of exceptions--bad
people doing bad things, for example--but that's what government's limited function is supposed
to handle. Otherwise, the vast majoritiy of people as entrepreneurs and workers are generally
honest and engage in peaceful commerce under laissez faire--investing, selling, buying, and
producing more and better things for more people because that's how they get ahead.

All over the world, experience has demonstrated the superiority of capitalism over any of its big-
government counterparts. Capitalism (or laissez faire) feeds and clothes and houses more people
at higher levels than any other system. Those nations that are burdened with socialist systems in
which the government plays a very large role in the economy are also the countries that are the
poorest in terms of economic wealth and growth. Basically, people work harder, better, and
longer when they are working for themselves or a private business than when they have to work
for the government.