Economic Freedom Vs. Interdependence

Economic Freedom Vs. Interdependence

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Economic freedom cannot be fully instated as long as interdependence

exists. The reasoning for this is that interdependence directly effects

economic freedom. The basic idea in these two terms is options.

Economic freedom means having unlimited and unrestricted options, while

interdependence equals limited options. It is impossible for these two

ideas to completely coexist to the entirety of their definitions. The

government is forever creating and amending rules, regulations, and

laws, which constitutes in limiting economic choices and options.

Economic freedom is the aspect of choice. It is a concept that allows

each individual to fully choose exactly how they use their money while

having unlimited options when making economic decisions, with the

advantage of unbounded possibilities. If there were unlimited options,

it would mean that anything that is desired should be able to become

reality. With the absence of restrictions, having unlimited options

allows individuals to act independently with their decisions.

Interdependence, relating to the consumer, is practically the opposite

of economic freedom. Interdependence means limited options and added

restrictions. With interdependence, the choices the consumer makes and

the options he has are dependent on the decisions made by others. They

could be other consumers, entrepreneurs, or the government. Laws,

taxes, and the role of Alan Greenspan are also part of this idea.

Interdependence means that all the consumer's economic decisions are out

of his control because they depend on the decisions of others. Based on

this definition, interdependence and economic freedom are opposing


The concepts are similar in that they are both economic terms that

entail a system of making decisions based on the consumer. Both also

deal with the concept of options. However, that is also exactly how

they are different. It is like two sides of a coin, one is for options,

and one is against them. Economic freedom is all about unlimited

options; therefore, it could not possibly coexist with a governing that

relies on limiting options. Achieving complete economic freedom depends

on interdependence and what limits are being set. It is possible that

both concepts could coexist in a watered down state, like a compromise.

There may be a variety of choices in one area for the consumer, but not

in another area. It is also possible that complete economic freedom

does not exist. In the American economy, the government is the main

source of interdependence, but without the government, America's economy

would be shattered.

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"Economic Freedom Vs. Interdependence." 16 Nov 2019

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