The U.S. is widely known for its wealth, compared to the rest of our planet and that is just as widely attributed to the economic system called “capitalism,” for short.
In America, the production of wealth is considered an attribute of business and as President Calvin Coolidge put it: ” … the chief business of the American people, is business.” So we have been giving some thought to that.
In America, anyone who wishes can start a business and pursue wealth, right? It’s simple! Well, after you have rounded up the necessary capital. Having decided upon the particular activity you wish to conduct, all you need to do is first, find out where to apply for the appropriate government permission and then, select and obtain a place to operate.
You will need in all cases a general business license, usually obtainable from your city or county. You will need an additional license to cut hair, massage people, serve food, practice law, medicine or accounting, teach school, sell real estate, function as a construction contractor, plumber, electrician or installer of heating and air conditioning, nurse patients, maintain swimming pools or any number of other activities and of course, those licenses are only available to those who meet a long list of qualifications, often including lengthy educations.
Upon beginning operations, you will find it necessary to select your employees in accord with governmental regulation of race, gender and age, pay them no less than the government decrees and assure them of government defined holidays, vacations and healthcare.
The building you use must meet government requirements as to heat, light, facilities, parking, location and construction and after those, you must be able to afford it. The government is not involved in that last part.
Your product or service offered to your chosen market must meet government requirements intended to assure safety, functionality and honesty in advertising. Any packaging must meet similar requirements and these days, not require the deaths of too many trees. With any products, you must supply ‘adequate’ directions and warnings of any potential hazard.
The one area remaining free today of any governmental mandate in business: Figuring out how to pay for all this and still end with a profit. If you are a large enough operator, you may accomplish that by paying lobbyists to persuade politicians (How that is done, you do not wish to know) to legislate advantages for you and/or disadvantages for your competitors. If you are not large, screw you.
This system is widely referred to as: “Free market capitalism.” (Humor unintended) President Coolidge would recognize that description, it is not obvious that he would recognize our current system … He might though, he was no fool.