Essay - The Essential Features of the Economies in the Leading Nations...

The essential features of the economies in the leading nations, those ***** ***** USA, Japan, and Germany, have many ***** features of their ***** that are similar. Yet these countries also ***** many differences. By examining these similarities ***** differences as they relate to wages, benefits, productivity, and living standard, we can better understand each nation's economic practices.

One ***** the main features of any economy is the ability ***** obtain private ownership of the means of production, including land. This ability provides a competitive system of labor, which translates to higher wages, and more opportunity for a better st*****ndard of living ("Economics," Columbia University, 2002). In the United States, ***** means of production ***** generally privately owned, as ***** are in Great Britain. Conversely, though private production plays a m*****jor role in the economy of Japan, it has a centrally planned industrial policy in which bankers, industrialists, and ***** unions meet and seek to agree to wage policies and interest rates. While ***** United States ***** Great ***** accept the free market economy, Japan rejects the idea ***** letting the market wholly determine the ***** ("Capitalism," ***** University, *****).

A second key feature of the economic ***** is taxation. The United ***** has long had ***** lowest tax ***** of any industrialized nation. Great Britain has the highest rate of the three countries, and Japan is slightly ***** than ***** United States. Taxation is related to the standard of living. In the United States, while taxation is low, the government does intervene, with subsidies, tax credits, incentives, and o*****r types of exemptions, as ***** Great Britain (Wolff, 1992).

***** from the taxation ********** of the economy is ***** level to which the economy aids the population. ***** ***** Britain and Japan, heath care has been nationalized. All people have equal ***** to receive medial *****, and preventative treatment. In ***** ***** States, however, health care, following suit to the rest of the economy, ***** based on the ***** *****. It is not nationalized, but is a private network. Private health is dominated by insurance companies. In this way, the drive for ***** in the United States affects the overall productivity level, whereas ***** and Great ***** must rely on other tactics to ensure productivity ("Capitalism," Columbia University, 2002).

***** key ***** ***** the ec*****omy is the formation of trade unions. Japanese unions are enterpr*****e-based and thus represent firms to which they relate. In the ***** States, and ***** Brita*****, unions at large ***** of industrial n*****ure hence reflecting relevant industry. Unions in the United States ***** (to some extent) in Great *****in are mostly involved in business unionism: ***** negotiations and o*****r workplace matters are their main concerns. Japanese unions ***** contrasting in a sense that ***** are also mindful of improving general working environment ***** promoting ***** and economic democracy. Their activities are described as political unionism ("Labor," Columbia *****, 2002). Competition is another key feature ***** the economies ***** *****se countries. ***** is grounded in the concept