As well as everyone owning there own homes, and only spending money on the basic needs of survival such as food, clothing, medicine rather then designer clothes, no more junk food. Basicly saving every penny
2006-09-17 08:06:00 · 4 answers · asked by Anonymous in Social Science ➔ Economics
the government would raise taxes to compensate, so that people had to take out loans to pay them off. If that didn't work Capitalism would implode because there would be no one to exploit.
2006-09-17 08:11:31 · answer #1 · answered by King Midas 6 · 1⤊ 0⤋
Banks would go out of Business and the Government go broke and the ......... well whatever it is, I promise there be a lot of AND's, this why they teach us at an early age to go into Debt. But, in time some learn the better way. It just Economics, everyone can not know what you say. We need those in Debt to keep the Economy robust. But, the Government does have a Buffer to protect their income, Taxes. Many people actually believe they own something. This is not true. When we buy something, we buy the rights to lease it through Taxes. Cool huh?
2006-09-17 08:18:42 · answer #2 · answered by Snaglefritz 7 · 1⤊ 0⤋
The banking and financial industry used to serve the people now it exploits them for their own profit. This goes hand in hand with the consumerism and the luxuries that you speak of. These non-basic products make up much of our economy. A free market economy is built around people having more if what they do provides more value than others. This value is a function of our culture and soceity. You would need a new society this one can't do it. We would need to evolve as a people - as a species.
2006-09-17 15:02:10 · answer #3 · answered by j m 1 · 1⤊ 0⤋
The capitalism would vanish
2006-09-17 10:17:37 · answer #4 · answered by pelister56 4 · 1⤊ 0⤋