Economics 160
Economics 160 Term Paper
In the United States the money market that is run is the Freedom Market System.
In the system you are able to have the money from your personal income, but it is also mandatory to pay your taxes to the government. The Freedom Market System was created to protect the citizens from any dictator controlling all of the countries funds. In many other countries there is a system that is complete opposite than the Total Freedom
Market, which is the Communist Market System. In the Communist Market System there is no freedom with the income you are making, the government equally distributes the income equally among the working class. The only wealthy people in the country are those who are politically powerful.
Imagine yourself living in a family where you have some advantage over the average person. You are given advantages whether its wealth, politics, or talent. Three individuals with some advantages are Michael Milken, Chelsea Clinton, American Idol
Contestant Jacob Lusk, or anyone else with extraordinary talent. But also imagine being a person that is less fortunate compared to the average citizen. I will discuss some advantages and disadvantages they all have in the Freedom Money Market and the
Communist Money Market.
Can you imagine yourself as the son or daughter of Michael Milkens? Michael
Milkens is a successful Philanthropist, Financier, and Research Innovator. As of 2010 he was worth $2 Billion after paying $600 million in court fines and restitutions and serving two years in a federal prison. Even with $ 2 Billion dollars he is still the 488 th
richest person in the world. Being his child under the “Family Will” can have many advantages

under the Free Market System. Since it is a Free Money Market, the super rich are living
“The American Dream”, which is; Living in Mansions, Money, and Cars will be handed to his son or daughter. Depending on your spending habits having $2 Billion Dollars there is a very high chance that you would not have to work a day in your life. You can afford all of the nicest clothes, cars, and houses. Being in a different tax bracket is also an advantage in the Freedom Money Market. The average American has to pay about 35% of their total income in their annual taxes. If a person is in a wealthy family they are set in a different tax bracket. The super rich are only taxed about 17% of their total income annually. There can also be a disadvantage in the Freedom Money Market as well from a person in the “Super Rich” family. Michael Milken does not have his child under the
“Family Will” he could be devastated career wise and financially wise. The child will no longer have things given to them; instead they would have to work to maintain a house, and buying their own cars and clothes. One thing that could haunt the son of Micheal
Milken would have to be the reputation that his father had. Micheal Milken had stolen money from many of his clients, by fraud and other financial charges.
Unlike the Total Freedom Market there is the Communist Money Market, where wealth is shared throughout the country. Being the son or daughter from a Billionaire would have a list of disadvantages of living in a Communist Country. The wealth would be distributed across the country, government and powerful people in the country. Wealth can include the cars and the houses you were once given. The advantage of living in a communist country is that no matter where you are coming from there is no way of living under the poverty level.

Besides having money run his or her life, living the daily life would be another challenge taking criticism from the public. Because many people will judge Milkens children because of the reputation he had built. His children may be judged because of the way he was not loyal to many people he had done work for.
Imagine being the daughter with both parents who are important to politics.
Chelsea Clinton is the daughter of Bill and Hillary Clinton. Bill Clinton was the former
President of the United States. Hillary Clinton is the Secretary of State for the United
States. Financially speaking Chelsea Clinton is having a comfortable annual income from her parents. Both of her parents are making about $200,000 annually for the rest of their lives. The advantage of being in a Free Market is the wealth they have can stay within their family. Chelsea Clinton most likely attends or has attended the best schools, benefitting her educationally. With good education and parents with a lot of resources she has high chances of getting well paid jobs. Because of the fact she is living in a super rich family she would also be in the rich tax bracket. Instead of paying 35% taxes she would be paying 17% on annual taxes. Another advantage of living a well known family is the protection she has for life. Even after the first family has stepped out of the presidential office the family is appointed the secret service to be around them for the remainder of their lives.
Since the political parties run the government in a Communist country I do not think that the lifestyle of Chelsea Clinton will really be affected. Most wealthy families in communist countries are those with political powers. Both of her parents are political idols we have in the United States, her father was a former president and her mother is the secretary of state under the Barrack Obama administration.

The public would have positive and negative comments to say about her family origin. Chelsea had struggled emotionally while Bill Clinton was in court for perjury during the Monica Lewinsky scandal. But the positives comments could be discussed about how successful both of her parents are in politics. Bill Clinton had the United
States economically stable. Her mother, Hillary Clinton was a successful Senator for New
York from 2001 to 2009. Now she is The Secretary of State under the Barrack Obama
Administration.
Being someone who has talent can only benefit them living in a society that is ran by the Free Money Market. For example, those who have participated in the “American
Idol” contest can take their talent to extraordinary levels. The winner of the contest usually wins a six figure contract with a big name record label. Even those who don’t win the contest get recognized from other record labels and have chances of succeeding to be professional singer. Even people with incredible intelligence can benefit themselves in the Free Market, because their intelligence can get them into prestige schools, and getting a well paid job with their degree. As a result to having a well paying job a person can do anything he or she wants to do with their income.
There would not be any benefit for an average person in the Communist Money market. The people’s talent cannot guide him or her into the hierarchy of the working or upper class. People with extraordinary talent will still be apart of the working class, and their wealth will be distributed amongst the working class equally.
For a person that is poor with a low education, the Free Market System cannot really benefit a person. The tax rate for the working class is higher than someone in the upper class. The average citizen in the working class is 35%. A person with low

education decreases the chances of having a well paying job. The only decent paying job someone without any education are back breaking jobs, or unsanitary jobs including;
Garbage Man, Plumbers, or street workers. Perhaps one advantage is whatever income the poor person can keep the money. Besides the taxes he or she would have their steady income. Hypothetically, if there was a rags- to- riches story, the poor family could become wealthy and not have to share any of their money. For example, if the family owned a well known restaurant or small business they can keep running their business without the government interfering of their business.
The family would benefit a lot from the Communist Money Market. If the family did not have a steady income, the government would provide the family with some decent income of money. Another benefit the Communist Money Market has for a low income family is they would not be living under the poverty level. The family will remain sheltered and clothed. But just as I used the self employed example, the communist money market can prevent any family from being poor to living “The American Dream”.
The world is run by two different Money Market Systems. The two systems are:
The Free and Communist Money Market. Even though it is the Free Money Market, there are rules to prevent any type of anarchy, which includes any power from any dictator.
The Communist/Capitalist Money Market evenly distributes the economic income across the country. I had to write how life would be as the Son or Daughter of Michael Milken,
Daughter of Bill and Hillary Clinton, Chelsea Clinton, Talented people, and the less fortunate.