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argue whether the free enterprise system was necessary for steve job to make an impact on the business world ...[Show More]

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The Impact of Free-market System on the Business World

Without a question, the free-market system was instrumental in enabling Steve Jobs to have a substantial influence on the business world. The principles of private control, competition, and the desire of riches form the cornerstone of the open business system, also referred to as capitalism (Gerstle, 2022). This framework allows businesspeople like Steve Jobs the freedom to develop and produce without excessive intervention from the government, as well as the capacity to flourish by contending in the market.

In 1976, Steve Jobs, a brilliant businesswoman and innovator, co-founded Apple Inc. Apple grew to become one of the most successful and valuable enterprises in the world under his leadership. Jobs' success was largely attributable to his capacity to develop innovative products that satisfied customer wants and desires. Because of the free market system, which allowed him to operate his business without excessive restrictions or interference from the government, he was able to accomplish this (Sciabarra, 2020).

Entrepreneurs like Jobs can take chances and pursue their business concepts in an open market system. This suggests that they are free to create and produce products that may not have been feasible in the past. The free market system also stimulates innovation and success by allowing business proprietors to generate earnings that they can invest in their companies or use to start new ones.

It is unlikely that Steve Jobs would have been able to have the same impact on the business world that he did without the open market system. It would have been much more challenging for him to develop and manufacture the products that helped make Apple such a success if there had been the rules and limitations that come with a more closely controlled economic system. He might have had a hard time obtaining the financing and instruments he required to actualize his thoughts because there was little competition and no commercial motivation.

References

Gerstle, G. (2022). The rise and fall of the neoliberal order: America and the world in the free market era. Oxford University Press.

Sciabarra, C. M. (2020). Free Market Revolution: Partial or Complete?. Journal of Ayn Rand Studies20(2), 340-371.

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