The free enterprise system

For centuries, people have been in search of an effective economic system. The world has seen two major economic concepts put into practice, namely a market economy and a planned economy. An example of the former would be the American “free enterprise” system.

“Free enterprise” is a term that refers to a system in which private businesses are able to compete with each other freely without any interference. Competition, albeit a natural driving force propelling human progress, can cause havoc if it gets out of hand. In pursuit of financial gains, companies may resort to unethical and dangerous business practices often referred to as “cut-throat competition”. Despite that, many people can arguably function better under pressure and feel more rewarded if they outperform the guy next door. This helps the system to never run out of motivated workforce and keep everyone busy minding their own business and yet give them a feeling of being free and in control of their life. People also know that the government is always there to protect them from free enterprise by passing laws and regulations to slow down evil corporations on their way to world hegemony.

The idea of free enterprise, although good on paper, turns out to be flawed when it comes to real-world scenarios. However, one can argue that the system is perfect. It is the people who always mess it up.

Aaron's Edit:

For centuries, people have been in search of an effective economic system. The world has seen two major economic concepts put into practice, namely a market economy and a planned economy. An example of the former would be the American “free enterprise” system.

“Free enterprise” is a term that refers to a system in which private businesses are able to compete with each other freely without any interference. Competition, albeit a natural driving force propelling human progress, can cause havoc if it gets out of hand. In pursuit of financial gains, companies may resort to unethical and dangerous business practices often referred to as “cut-throat competition(”.) [St- ^,"] Despite that, many people can arguably function better under pressure and feel more rewarded if they outperform the guy next door. This helps the system to never run out of motivated  [W,Gr-noncountable - ^ people in the] workforce and keep everyone busy* minding their own business and yet give them a feeling of being free and in control of their life. People also know that the government is always there to protect them from free enterprise by passing laws and regulations to slow down (evil) [Reg, St . . . and really just good rhetorical and civic manners!] corporations on their way to world hegemony.

The idea of free enterprise, although good on paper, turns out to be flawed when it comes to real-world scenarios. However, one can argue that the system is perfect. It is the people who always mess it up.†

[* You did this correctly, Andreas, but I wanted to point out when one should and shouldn't use commas before participial phrases. Here's Grammar Girl, Mignon Fogarty, on the subject.

† One could indeed make this argument. And you've done an excellent job creating an enticing ending that leaves the reader thinking about the further implications of what you've written! Great job. My only critique is that you haven't made this specific argument in your text. All of your evidence points to systemic problems rather "user failure," as it were. You really need to come by your ending honestly. That's part of academic and journalistic honesty.]