Buy American Requirement Act Research Paper

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The Buy American requirements act is a legislation that was passed by president Hoover in the year 1933 in his last full day in office, which required the people and the government of the United States of America to prefer goods made from their own country when they are purchasing goods in various places (Frank, 2000). The history of this act did not just start with president Hoover; it has a sparse and confusing history since 1875 when it was first brought to the senate. The government passed the Buy American requirement act to help reduce the unemployment rate. The US economy at this time was going through a great depression and the economy was poor and could not support the people of America. President Hoover being concerned and an economist …show more content…

To determine foreign goods the act provides a provision that if any good has been made and fifty percent of the parts used to make it are imported it is considered foreign and on the other hand for an item to be considered an American product, seventy five percent of the materials used to make should be from America. Increase Priority The Buy American Requirement will increase the priority of people choosing my company to give a contract for national security and interest purposes. The act gives priority to goods made in America therefore, being the only company of its kind in the country, people will have no choice but to get products from my company and the VectorCal Company. 3. Analysis and comparison of the Buy American Act and Capitalism. Support your answer with two examples of such a …show more content…

The Buy American Requirement that encourages Americans to buy goods made and produced in America breaks the high level of efficiency that capitalism makes. In this case the Buy American Requirement increases efficiency within the American people but assumes the potential of America, capitalism seems to give America the full potential to grow and maintain its superiority by encouraging foreign investors and foreign products making it a free economy which ensures faster growth of the

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