Economic Crisis in the United States: Management Strategies for a Democratic Economy
Author: EDWARD J. MARTIN and ARIANA C.MARTIN
Published in PAM, Vol. 16 No. 2
It has been argued that market capitalism is the most efficient, effective, and equitable method for the distribution of economic wealth in the history of the world. Those who support this point of view usually site the overall economic output of market growth in terms of both Gross Domestic Product (GDP) and Gross National Product (GNP). Some, on the other hand, would question this evidence by pointing to, not only the cyclical nature of the economy, but the collapse of the United States (US) economy during the Great Depression of 1932 and the near collapse of the economy in what has been described by economists as the Great Recession of 2008 (Krugman, 2009). Suffice it to say, these economic downturns have harmed people’s lives, if not ruined them. To make matters even less optimistic, the current recession is still not over. If lessons are to be learned from these economic misfortunes, then the reexamination of market capitalism and comparative economic systems is in order. This will be done by providing: (1) an analysis of the current economic crisis faced by the US; (2) an alternative social and economic vision that might better serve a democratic society; and (3) a managerial strategy in public administration that provides greater accountability to the public.