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Defects or failure in the market system

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Reference no: EM131890048

1. Income inequality in most European countries is smaller than it is in the US given all of the approaches and strategies available to the US (and to Europe ) for improving income distribution, why do you think this is so.

2. American Capitalism is not pure Capitalism; it has become a mixed economy, largely because of defects or failure in the market system that Adam Smith did not foresee. What are these defects or failure that Smith didn't foresee? Discuss

Reference no: EM131890048

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