Businnes in America

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President Coolidge's statement,"The business of America is Business,"still points to an important truth today-that businees institution have more prestige in American society than any other kind of organization,including the government.Why do business institutions possess this great prestige?! One reason is that Americans view business as being more firmly based on the ideal of competition than other institution in society.Since competition is seen as the major source of progress and prosperity by more Americans,competitive business institutions are respected.Competition is not only good in itself,it is the means by which other basic American values such as individual freedom,equality of opportunity,and hard work are protected. Competition protects the freedom of the individual by ensuring that there is no monopoly of power.In contrast to one,all-powerful government,many businesses compete against each other for profits.Theoretically,if one business tries to take unfair advantage of its customers,it will lose to competing business which treats customers more fairly.Where many businesses compete for the customers'dollar,they cannot afford to treat them like inferious or slaves. A contrast is often made between business,which is competitive,and government,which is a monopoly.Because business is competitive,many Americans belive that it is more supportive of freedom than government,even though government leaders are elected by the people and business leaders are not.Many Americans believe,then,that competition is an important,or even more important,than democracy in preservong freedom. Competition in business is also belived to strengthen the ideal of equality of opportunity.Competition is seen as an open and fair race where success goes to the swiftest person regardless of his or her social calss background.Competitive success is commonly seenas the American alternative to social rank based on family background.Business is there fore viewed as an expression of the idea of equality of opportunity rather than the arstocratic idea of inherited privilege.